A tax-smoothing objective is used to assess the optimal composition of public debt with respect to maturity and contingencies. This objective motivates the government to make its debt payouts contingent on the levels of public outlay and the tax base. If these contingencies are present, but...

Most cross-country studies of economic performance have focused on narrow economic variables. The present study emphasizes instead some quality dimensions of economic development, including health, fertility, income distribution, political institutions, crime, and religion. The data reveal a...