TAILIEUCHUNG - The Liquidation of Government Debt

Bernanke and Gertler (1995) and Mishkin (2007) survey the literature on potential transmission channels between interest rates and the real economy. While their focus is on interest rate changes caused by monetary policy, the same channels would be in place for interest rate changes caused by capital in ows. In a neoclassical world the `user cost of capital' is the only transmission channel: lower interest rates on bonds decrease the opportunity costs of buying a house and increase the demand for houses. In the presence of information asymmetries between borrowers and lenders or other types of nancial frictions, there is an additional transmission channel ñ the ` nancial accelerator'. | BANK FOR INTERNATIONAL SETTLEMENTS BIS Working Papers No 363 The Liquidation of Government Debt by Carmen M. Reinhart and M. Belen Sbrancia Discussion Comments by Ignazio Visco and Alan Taylor Monetary and Economic Department November 2011 JEL classification E2 E3 E6 F3 F4 H6 N10 Keywords public debt deleveraging financial repression inflation interest rates BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements and from time to time by other economists and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website . Bank for International Settlements 2011. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 print ISBN 1682-7678 online Foreword On 23-24 June 2011 the BIS held its Tenth Annual Conference on Fiscal policy and its implications for monetary and financial stability in Lucerne Switzerland. The event brought together senior representatives of central banks and academic institutions who exchanged views on this topic. The papers presented at the conference and the discussants comments are released as BIS Working Papers 361 to 365. A forthcoming BIS Paper will contain the opening address of Stephen Cecchetti Economic Adviser BIS a keynote address from Martin Feldstein and the contributions of the policy panel on Fiscal policy sustainability and implications for monetary and financial stability . The participants in the policy panel discussion chaired by Jaime Caruana General Manager BIS were José De Gregorio Bank of Chile Peter Diamond Massachussets Institute of Technology and Peter Praet European Central Bank . .

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