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Replication data for: The Currency Composition of Sovereign Debt

Version
V0
Resource Type
Dataset
Creator
  • Ottonello, Pablo
  • Perez, Diego J.
Publication Date
2019-07-01
Description
  • Abstract

    We study the currency composition of sovereign debt in emerging economies through the lens of a model in which the government lacks commitment regarding debt and monetary policy. High levels of debt in local currency give rise to incentives to dilute debt repayment through currency depreciation. Governments tilt the currency composition of debt toward foreign currency to avoid inflationary costs and real exchange rate distortions, at the expense of forgoing the hedging properties of local currency debt. Our quantitative model is used to shed light on the recent dynamics of the currency composition of debt and on its cyclical behavior.
Availability
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Relations
  • Is supplement to
    DOI: 10.1257/mac.20180019 (Text)
Publications
  • Ottonello, Pablo, and Diego J. Perez. “The Currency Composition of Sovereign Debt.” American Economic Journal: Macroeconomics 11, no. 3 (July 2019): 174–208. https://doi.org/10.1257/mac.20180019.
    • ID: 10.1257/mac.20180019 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-12-07

Ottonello, Pablo; Perez, Diego J. (2019): Replication data for: The Currency Composition of Sovereign Debt. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E116421