solvency. This is compared with the corresponding cost if India were to repudiate its debts and experience financial autarky as …

This paper explores the relationship between the myopia, the solvency and the reputation of a government choosing the …

-sector savings and investment and those of the nation as a whole have been consistent with long-term solvency over the last three …-run external solvency. We find evidence that a number of countries violate both domestic intertemporal budget constraints, but …

This study updates and extends to the period 1988/9--1992/3 our earlier analysis of the public finances of India. The …

Union: the solvency of their government’s finances; and the accuracy of fiscal forecasts. Extending the existing methodology … of solvency tests, the paper finds that, with few exceptions, EU governments are insolvent, albeit debt/GDP ratios show …

accounts. The results of various solvency tests indicate that, in spite of the recent worsening of the current account, the …

The paper studies the solvency of the Indian public sector and the eventual monetization and inflation implied by … suggests that solvency cannot be maintained with an indefinite continuation of the pattern of behaviour reflected in the … seigniorage will not be sufficient to restore solvency. …

liquidity is inefficient. The reason is that liquidity affects prices and the welfare of others, and creators do not internalize … government must restrict the creation of liquidity by the private sector. …