Most tax systems create a tax bias toward debt finance. Such debt bias increases leverage and may negatively affect … financial stability. This paper models and estimates debt bias in the financial sector, and present novel estimates for … investment banks and non-bank financial intermediaries such as finance and insurance companies. We find debt bias to be pervasive …

This paper-consisting of a regional study and seven country studies-reviews the state of domestic public debt markets … account for the lion's share of capital markets, regional public debt markets remain underdeveloped for a variety of reasons … and composition of debt (with sizeable nonstandard and non-tradable components), fragmentation of public debt between …

This paper estimates bond-by-bond "haircuts"-realized investor losses-in recent debt restructurings in Russia, Ukraine …

years-regardless of their exchange rate regime-their growth rates have been disappointing and their public debt has risen …. Most of the increase in their public debt is accounted for by a deterioration in primary fiscal balances that has been … increasingly facing unsustainable debt positions, innovative ways need to be found to raise their economic growth rates and …

an external debt overhang. A simple taxation scheme is specified and it is shown that a country can be on the “wrong side …” of its debt Laffer curve only if it is on the wrong side of its tax Laffer curve. The analysis indicates that fairly … disincentives associated with the debt overhang are large enough to place a country on the wrong side of its debt Laffer curve. …

primary commodities and exposure to terms of trade shocks. This paper finds that the coefficient of the lagged debt stock was … significant and positive, consistent with the theory that higher levels of debt warrant greater fiscal effort. Various measures of …

fiscal and debt sustainability. It begins with a formal definition and explanation of analytical sustainability indicators …, followed by an assessment of the causes of fiscal deficits and their impact on the usual indicators of fiscal and external debt …

leads to better fiscal outcomes, as measured by the overall fiscal balance and external debt levels, after controlling for …

, arranging successfully for many important debt restructurings, though failing persistently in a few cases. While a revamped …