obstacles appeared following the global financial crisis and the euro crisis. In many CESEE countries, the quality of … provide guidelines that are useful for returning to the trajectory observed before the euro crisis by identifying the main …

rollover crisis. In the model, it is optimal for the government to reduce its vulnerability by initially lowering debt, and … then increasing both debt and reserves as it approaches a safe zone. Furthermore, we find that issuing additional debt to …

their expenditures with nominal debt and inflation has a negative impact on aggregate productivity. If the monetary … fiscal externality. In this case, when a country-level fiscal authority chooses a higher level of nominal debt, it induces … the monetary authority to inflate more to reduce the level of distortionary taxes needed to finance the higher debt …