Sub-sovereign bond buyback: a way forward for debt-laden regions in austerity
Eltrudis, Davide
;Monfardini, Patrizio
2019-01-01
Abstract
Previous academic literature has criticised bond buyback as a ‘”boondoggle” benefiting a country’s creditors’—meaning that buybacks are a wasteful use of public money. This paper challenges the narrow financial–economic perspective behind that statement by adopting a broader socio-political framework that includes the potential benefits of buyback for citizens, not just financial market costs. In particular, buyback does not necessarily require a budget surplus via higher local taxes and/or increased austerity measures.File | Dimensione | Formato | |
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Sub sovereign bond buyback A way forward for debt laden regions in austerity.pdf Solo gestori archivio
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PMM con frase.pdf accesso aperto
Tipologia: versione pre-print
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729.59 kB | Adobe PDF | Visualizza/Apri |
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