Martin Wolf och Rolf Englund om att den som har en sedelpress går inte i konkurs. Ganska självklart, men vänta till Wolf har förklarat det vetenskapligt

Om man har en sedelpress går man inte i konkurs, skrev jag den  4 november 2011

Why the sovereign debt of eurozone countries seem to be far more fragile than that of countries with their own central banks, skrev Martin Wolf i  Financial Times den  23 maj 2012.

A member of a currency union does not have a central bank of its own. This then creates liquidity and default risk in the market for government bonds.

Without a central bank, a time may arrive when the government is unable to refinance its debt. That creates tail risk – the likelihood of being trapped in debts whose maturity will be forcibly extended or on which the government will default.

Paul de Grauwe has put the point forcefully, skriver Wolf.

Members of a monetary union issue debt in a currency over which they have no control. It follows that financial markets acquire the power to force default on these countries.

This is not the case in countries that are no part of a monetary union, and have kept control over the currency in which they issue debt.

These countries cannot easily be forced into default by financial markets, vilket, tycker jag, kan översättas med "Om man har en sedelpress går man inte i konkurs".

Full text of Martin Wolf


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