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 …

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 …

of reforms is evaluated controlling for the response of fiscal authorities to the cycle and debt developments via the …

of solvency tests, the paper finds that, with few exceptions, EU governments are insolvent, albeit debt/GDP ratios show …

In this paper we evaluate internationally agreed limits on public sector debt and deficits, such as those agreed by the … criteria require that general government budget deficits should not exceed 3% of GDP and that the gross debt of the general … government should not be above 60% of GDP. The Maastricht requirements, especially the debt criterion, are much more stringent …