correction undertaken was insufficient. Further significant increases in the public debt/GDP ratio would be destabilizing and … stabilizing the public debt/GDP ratio. On the revenue side, this increase in the primary surplus is best achieved by expanding the …

I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of …-term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped by … revenue losses on inframarginal units of debt that reflect the price impact of these decisions. The model predicts an interior …

on debt dynamics for the eight new member states from Central and Eastern Europe. We find that the nominal Maastricht … achieve the fiscal criteria. Our results suggest all countries would find it harder to restrain debt growth within the euro …, but that the magnitude of this effect varies substantially across countries, as do the debt dynamics outside the euro. If …

The aim of this Paper is to test for the extent of incompleteness in the market for US Government debt. We show that … when a government pursues an optimal tax policy and issues a full set of contingent claims, the value of debt has the same …. Examining US data, however, reveals that debt is substantially more persistent than other variables and increases in response to …

and accumulate capital to accelerate their development. Only if the windfall is large relative to initial debt is it … optimal to build a SWF. We study the intricate dynamic trade-offs faced when using the windfall to pay off debt and possibly …

Securitization of LDC debt would significantly aid the international debt problem by increasing liquidity and expanding …

This paper analyzes the inefficiency that arises from a debt overhang. In order to define the lenders' optimal … discounted value return coincides with the equilibrium market value of the debt. Rather than a debt write-off, the key to an …