Why do some states default on their debt more often than others? We argue that sovereign default is the outcome of a … political struggle among different groups of citizens. It is more likely to happen if: (i) domestic debt-holders are relatively …

the fiscal regime when the signaling effect on credit ratings is larger (that is, when a sufficiently large stock of debt … governments. We show that a testable prediction of our model is that primary balances and debt stocks are complementary inputs in …

This publication collects the papers presented at the workshop entitled "The sovereign debt crisis and the euro area … Area of the Bank of Italy has conducted several analyses on the impact of the sovereign debt crisis on the financial system … mechanisms whereby the tensions in the government bond markets due to the sovereign debt crisis were transmitted to the banking …

-level data from the Survey on Household Income and Wealth and matching them with macroeconomic forecasts on debt and income, we … project the future path of households’ indebtedness and debt-service ratio. This allows us to assess households’ vulnerability … vulnerable households (defined as those with a debt-service ratio above 30 per cent and income below the median) over the total …