, France, Germany, Japan, Netherlands, Sweden, and UK); improvements of the primary balance after past worsening in debt ratios … for Australia, Belgium, Germany, Ireland, Netherlands and the UK; Granger causality from government debt to the primary …

This paper investigates the relationship between government debt and labour taxation for a panel of 18 EU countries … positive response of labour taxation to changes in the general government debt and interest expenditure-to-GDP ratios. The …

the economy. We show that if (i) a significant share of the debt is denominated in foreign currency-creating a currency … tilts the debt profile towards short term debt, thereby increasing the volatility of output. Taking the model implications …

The sovereign debt crisis in the euro area is a symptom of policy failures and deficiencies in – among other things …

The financial crisis of 2008/2009 has left European economies with a sizeable public debt stock bringing back the … determining major public debt reductions. On average, the total debt reduction per country amounted to almost 37 percentage points … of GDP. We estimate several specifications of a logistic probability model. Our findings suggest that, first, major debt …

unsustainable public debt dynamics and enormous contingent liabilities across sectors and countries coinciding with strong, non …

followed neutral policies based on expenditure rules since the start of EMU. It also calculates the implications for debt … higher expenditure and debt paths compared to a counterfactual neutral expenditure stance. Simple and prudent rules …

This paper highlights the importance of debt-related fiscal rules and derives growth-maximising public debt ratios from … a simple theoretical model. On the basis of evidence on the productivity of public capital, we estimate public debt …-run optimising behaviour, assuming that governments implement the so-called golden rule over the cycle; that is, they contract debt …