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010   $a9786613824349
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035   $a(PQKBTitleCode)TC0000941804
035   $a(PQKBWorkID)10964436
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100   $a20020129d2006      uf             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aInternational Financial Integration, Sovereignty, and Constraints on Macroeconomic Policies /$fKenneth Kletzer
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2006.
215   $a1 online resource (26 p.)
225 1 $aIMF Working Papers
300   $a"March 2006."
311   $a1-4518-6339-X 
320   $aIncludes bibliographical references.
327   $a""Contents""
330 3 $aThis paper considers the consequences of international financial market integration for national fiscal and monetary policies that derive from the absence of an international sovereign authority to define and enforce contractual obligations across borders. The sovereign immunity of national governments serves as a fundamental constraint on international finance and is used to derive intertemporal budget constraints for sovereign nations and their governments. It is shown that the appropriate debt limit for a country allows for state-contingent repayment. With noncontingent debt instruments, debt renegotiation occurs in equilibrium with positive probability. A model of tax smoothing is adopted to show how information imperfections lead to conventional bond contracts that are renegotiated when a critical level of indebtedness is reached. Renegotiation is interpreted in terms of nominal and real denominated bonds, and implications are drawn about the intertemporal borrowing constraint for monetary policies, the accumulation of reserve assets, and current account sustainability.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2006/079
606   $aInternational finance
606   $aSovereignty
606   $aFinancial Risk Management$2imf
606   $aInflation$2imf
606   $aInvestments: Bonds$2imf
606   $aPublic Finance$2imf
606   $aDebt$2imf
606   $aDebt Management$2imf
606   $aSovereign Debt$2imf
606   $aGeneral Financial Markets: General (includes Measurement and Data)$2imf
606   $aPrice Level$2imf
606   $aDeflation$2imf
606   $aNational Government Expenditures and Related Policies: General$2imf
606   $aPublic finance & taxation$2imf
606   $aFinance$2imf
606   $aInvestment & securities$2imf
606   $aMacroeconomics$2imf
606   $aPublic debt$2imf
606   $aDebt limits$2imf
606   $aBonds$2imf
606   $aExpenditure$2imf
606   $aDebts, Public$2imf
606   $aPrices$2imf
606   $aExpenditures, Public$2imf
615  0$aInternational finance.
615  0$aSovereignty.
615  7$aFinancial Risk Management
615  7$aInflation
615  7$aInvestments: Bonds
615  7$aPublic Finance
615  7$aDebt
615  7$aDebt Management
615  7$aSovereign Debt
615  7$aGeneral Financial Markets: General (includes Measurement and Data)
615  7$aPrice Level
615  7$aDeflation
615  7$aNational Government Expenditures and Related Policies: General
615  7$aPublic finance & taxation
615  7$aFinance
615  7$aInvestment & securities
615  7$aMacroeconomics
615  7$aPublic debt
615  7$aDebt limits
615  7$aBonds
615  7$aExpenditure
615  7$aDebts, Public
615  7$aPrices
615  7$aExpenditures, Public
700   $aKletzer$b Kenneth$0119641
801  0$bDcWaIMF
906   $aBOOK
912   $a9910788415503321
996   $aInternational Financial Integration, Sovereignty, and Constraints on Macroeconomic Policies$93802291
997   $aUNINA