public and private debts. Sometimes the debt restructuring is more subtle and takes the form of 'financial repression … facilitated a sharp and rapid reduction or 'liquidation' of public debt from the late 1940s to the 1970s. The restrictions or …

central government debt increases, on average, by about 86 percent. Thus the fiscal burden of banking crisis extends far …

on debt dynamics for the eight new member states from Central and Eastern Europe. We find that the nominal Maastricht … achieve the fiscal criteria. Our results suggest all countries would find it harder to restrain debt growth within the euro …, but that the magnitude of this effect varies substantially across countries, as do the debt dynamics outside the euro. If …

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 …

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 …

aggressive', in which case they accept negative-NPV projects. In the first case, the uniquely optimal security is debt. In the … second case, it is levered equity. Debt maximizes lenders’ payoffs from financing low-NPV projects, i.e., projects that have … that are relatively likely to break even are financed with debt, while less profitable projects are financed with equity …