debt indicators. However, as in the case of Germany before EMU, those provinces that typically receive transfers under the …

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 …

economies, whose driving force is the intergenerational conflict over debt, taxes, and public goods. Subsequent generations of … taxes and low debt accumulation. The paper characterizes the Markov-perfect equilibrium of the voting game in each economy …, as well as the stationary equilibrium debt distribution and interest rate of the world economy. The equilibrium can …

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 …