Presidential Address: Debt and Money: Financial Constraints and Sovereign Finance
基于主权国家法定负债与公司股权的类比，提出主权融资的公司金融分析框架，聚焦国家层面的金融约束，阐明依赖本币或外币债务融资的权衡，为通胀成本收益、最优外汇储备和主权债务重组提供新见解。
ABSTRACT Economic analyses of corporate finance, money, and sovereign debt are largely considered separately. I introduce a novel corporate finance framing of sovereign finance based on the analogy between fiat liabilities for sovereigns and equity for corporations. The analysis focuses on financial constraints at the country level, making explicit the trade‐offs involved in relying on domestic versus foreign‐currency debt to finance investments or government expenditures. This framing provides new insights into issues ranging from the costs and benefits of inflation, optimal foreign exchange reserves, and sovereign debt restructuring.