, we analyze factors that may facilitate or hamper pension reform – quality of fiscal institutions, public debt, trade … pension reforms. Other factors, such as quality of fiscal institutions, size of the existing funded pillar, public debt or …

debt, also government debt and corporate debt are in some countries at levels not seen before. While there is a common … agreement that these high debt levels are not sustainable there is fewer consensus about the effect of changes in debt and … especially debt levels on aggregate demand. Based on a cross country study of 18 European countries we show that there is a …

This paper investigates the long-run effects of public debt and inflation on economic growth. Our contribution is both … over the 1965-2010 period, we find significant negative long-run effects of public debt and inflation on growth. Our … results indicate that, if the debt to GDP ratio is raised and this increase turns out to be permanent, then it will have …

For a sample of sixteen OECD countries over the period 1980-2007 we show that, for given debt-GDP ratio, an increase in … the maturity of the public debt by one year lowers its long-term interest rate by around 20-30 basis points. This effect … is stronger for countries with higher average inflation or debt. …

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 …

What is an optimal or a sustainable external debt - for a country, region or sector? How should one monitor and … evaluate debt to preclude a crisis? We use stochastic optimal control/dynamic programming to derive an optimal debt. The … explain the implications of DP. An explicit example is the US Agricultural debt crisis. …