Essec\Faculty\Model\Contribution {#2233
  #_index: "academ_contributions"
  #_id: "957"
  #_source: array:26 [
    "id" => "957"
    "slug" => "default-on-sustainable-public-debt-illiquidity-suspect-convicted"
    "yearMonth" => "2004-01"
    "year" => "2004"
    "title" => "Default on Sustainable Public Debt: Illiquidity Suspect Convicted"
    "description" => "BESANCENOT, D., HUYNK, K. et VRANCEANU, R. (2004). Default on Sustainable Public Debt: Illiquidity Suspect Convicted. <i>Economics Letters</i>, pp. 205-211."
    "authors" => array:3 [
      0 => array:3 [
        "name" => "VRANCEANU Radu"
        "bid" => "B00000524"
        "slug" => "vranceanu-radu"
      ]
      1 => array:1 [
        "name" => "BESANCENOT D."
      ]
      2 => array:1 [
        "name" => "HUYNK K."
      ]
    ]
    "ouvrage" => ""
    "keywords" => []
    "updatedAt" => "2020-12-17 17:55:06"
    "publicationUrl" => null
    "publicationInfo" => array:3 [
      "pages" => "205-211"
      "volume" => null
      "number" => null
    ]
    "type" => array:2 [
      "fr" => "Articles"
      "en" => "Journal articles"
    ]
    "support_type" => array:2 [
      "fr" => "Revue scientifique"
      "en" => "Scientific journal"
    ]
    "countries" => array:2 [
      "fr" => null
      "en" => null
    ]
    "abstract" => array:2 [
      "fr" => "Une dette publique est réputée soutenable si sa valeur ne dépasse pas le flux de revenus futurs actualisés. Nous montrons que ce principe ne s'applique pas si le gouvernement ne dispose que d'un contrôle imparfait de ses revenus. En présence d'incertitude, un faible risque d'insoutenabilité engendre un fort risque d'illiquidité. Le seuil d'endettement compatible avec l'absence de défaut est bien plus bas que le seuil communément admis."
      "en" => "According to a well-established economic principle, any public debt that does not exceed the discounted stream of future primary surpluses should find buyers. This paper argues why this principle may not hold if the government has only imperfect control over its net income flow. A small risk of unsustainability appears to be at the origin of a much larger risk of illiquidity. Solving the model for the rational expectations equilibrium, we find that the maximum debt level that investors are willing to hold may be much lower than the commonly used sustainable level,"
    ]
    "authors_fields" => array:2 [
      "fr" => "Economie"
      "en" => "Economics"
    ]
    "indexedAt" => "2024-11-21T10:21:50.000Z"
    "docTitle" => "Default on Sustainable Public Debt: Illiquidity Suspect Convicted"
    "docSurtitle" => "Articles"
    "authorNames" => "<a href="/cv/vranceanu-radu">VRANCEANU Radu</a>, BESANCENOT D., HUYNK K."
    "docDescription" => "<span class="document-property-authors">VRANCEANU Radu, BESANCENOT D., HUYNK K.</span><br><span class="document-property-authors_fields">Economie</span> | <span class="document-property-year">2004</span>"
    "keywordList" => ""
    "docPreview" => "<b>Default on Sustainable Public Debt: Illiquidity Suspect Convicted</b><br><span>2004-01 | Articles </span>"
    "docType" => "research"
    "publicationLink" => "<a href="#" target="_blank">Default on Sustainable Public Debt: Illiquidity Suspect Convicted</a>"
  ]
  +lang: "fr"
  +"_type": "_doc"
  +"_score": 9.064929
  +"parent": null
}