heavy toll on public finances. Large public deficits have accumulated since 2008 and net public debt, which had been … banks’ liabilities, has led to Ireland losing the confidence of the sovereign bond market and requiring financial assistance … from the international community. With one of the highest levels of gross public debt relative to GDP in the OECD, high …

imprecision about which debt targets should be pursued. It then examines the evidence regarding the exogenous and policy …

countries (on both exchange rates and production structures), more recourse to explicit debt restructuring (for both households …Economic downturns which have their roots in preceding credit excesses and debt overhang have tended historically to be … demand in the short run, but they contribute to higher debt levels which are already working increasingly in the opposite …

financial effects of exchange rate fluctuations through the valuation of external assets and liabilities. However, sizable …

payments vantage point as well as from the optic of the excess of national saving over domestic investment. It then seeks …

components and on government debt. The simulations suggest that fiscal policy is effective in supporting activity, especially in …

foundation for economic growth. As a result, GDP growth has been strong and stable, inflation has fallen, and the public debt …, and the recent increase in inflation and rising levels of private sector external debt draw attention to Turkey …

growth. This suggests a remarkable fiscal effort to ensure public debt sustainability. To better gauge the magnitude of this … increase in the debt-to-GDP ratio by 1 percentage point is associated with a decrease in discretionary federal spending by 0 …