Fiscal insurance during financial distress: the case of Belgian sovereign debt in the 21st century

Treball fi de màster de: Master's Degree in Specialized Economic Analysis: Macroeconomic Policy and Financial Markets Program. Curs 2022-2023

Bibliographic Details
Authors: Alturki, Deema, Bernstein, Emil, Lara White, Isabela
Format: master thesis
Publication Date:2023
Country:España
Institution:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
Repository:Recercat. Dipósit de la Recerca de Catalunya
OAI Identifier:oai:recercat.cat:10230/58429
Online Access:http://hdl.handle.net/10230/58429
Access Level:Open access
Keyword:Treball de fi de màster – Curs 2022-2023
Maturity structure
Financial crises
Debt management
Manejo de deuda
Estructura vencimiento
Crisis financiera
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spelling Fiscal insurance during financial distress: the case of Belgian sovereign debt in the 21st centuryAlturki, DeemaBernstein, EmilLara White, IsabelaTreball de fi de màster – Curs 2022-2023Maturity structureFinancial crisesDebt managementManejo de deudaEstructura vencimientoCrisis financieraTreball fi de màster de: Master's Degree in Specialized Economic Analysis: Macroeconomic Policy and Financial Markets Program. Curs 2022-2023Tutors: Hugo Rodríguez-Mendizábal i Luca GambettiWe empirically test the theoretical hypothesis that long term bonds offer governments fiscal insurance in times of crisis, analyzing Belgian sovereign debt dynamics during the 21st century. We use a novel data set of monthly prices and quantities for bonds in circulation between 2000 and 2022. We calculate total market value of debt and one- period holding returns, capturing the funding cost in the government’s inter temporal budget constraint. The main findings of the study indicate a positive co movement between bond prices and government net funding requirement during periods of financial distress, suggesting a limited role of long bonds in fiscal insurance.Examinamos empíricamente la hipótesis teórica que bonos de larga duración ofrecen seguro fiscal a gobiernos en tiempos de crisis, analizando la deuda soberana Belga durante el siglo XXI. Utilizamos una novedosa base de datos de precios y cantidades de bonos en circulación entre 2000 y 2022. Calculamos valor de mercado total de la deuda y rendimientos de tenencia de un período, capturando costos de financiamiento en la limitación presupuestaria inter-temporal del gobierno. Encontramos co movimiento positivo entre precios de bonos y requerimientos de financiamiento gubernamentales netos durante períodos de crisis, sugiriendo un papel limitado de bonos largos en el seguro fiscal.202320232023info:eu-repo/semantics/masterThesisapplication/pdfapplication/pdfhttp://hdl.handle.net/10230/58429reponame:Recercat. Dipósit de la Recerca de Catalunyainstname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)InglésThis work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Licensehttps://creativecommons.org/licenses/by-nc-nd/4.0info:eu-repo/semantics/openAccessoai:recercat.cat:10230/584292026-05-29T05:05:01Z
dc.title.none.fl_str_mv Fiscal insurance during financial distress: the case of Belgian sovereign debt in the 21st century
title Fiscal insurance during financial distress: the case of Belgian sovereign debt in the 21st century
spellingShingle Fiscal insurance during financial distress: the case of Belgian sovereign debt in the 21st century
Alturki, Deema
Treball de fi de màster – Curs 2022-2023
Maturity structure
Financial crises
Debt management
Manejo de deuda
Estructura vencimiento
Crisis financiera
title_short Fiscal insurance during financial distress: the case of Belgian sovereign debt in the 21st century
title_full Fiscal insurance during financial distress: the case of Belgian sovereign debt in the 21st century
title_fullStr Fiscal insurance during financial distress: the case of Belgian sovereign debt in the 21st century
title_full_unstemmed Fiscal insurance during financial distress: the case of Belgian sovereign debt in the 21st century
title_sort Fiscal insurance during financial distress: the case of Belgian sovereign debt in the 21st century
dc.creator.none.fl_str_mv Alturki, Deema
Bernstein, Emil
Lara White, Isabela
author Alturki, Deema
author_facet Alturki, Deema
Bernstein, Emil
Lara White, Isabela
author_role author
author2 Bernstein, Emil
Lara White, Isabela
author2_role author
author
dc.subject.none.fl_str_mv Treball de fi de màster – Curs 2022-2023
Maturity structure
Financial crises
Debt management
Manejo de deuda
Estructura vencimiento
Crisis financiera
topic Treball de fi de màster – Curs 2022-2023
Maturity structure
Financial crises
Debt management
Manejo de deuda
Estructura vencimiento
Crisis financiera
description Treball fi de màster de: Master's Degree in Specialized Economic Analysis: Macroeconomic Policy and Financial Markets Program. Curs 2022-2023
publishDate 2023
dc.date.none.fl_str_mv 2023
2023
2023
dc.type.none.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
dc.identifier.none.fl_str_mv http://hdl.handle.net/10230/58429
url http://hdl.handle.net/10230/58429
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.rights.none.fl_str_mv https://creativecommons.org/licenses/by-nc-nd/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by-nc-nd/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.source.none.fl_str_mv reponame:Recercat. Dipósit de la Recerca de Catalunya
instname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
instname_str Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
reponame_str Recercat. Dipósit de la Recerca de Catalunya
collection Recercat. Dipósit de la Recerca de Catalunya
repository.name.fl_str_mv
repository.mail.fl_str_mv
_version_ 1869403338807705600
score 15,811543

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