also studies the case in which the government conducts a voluntary debt restructuring to capture the capital gains from the … increase in its debt market value implied by a rule announcement. In addition, the paper shows how debt ceilings may reduce the …

Over the past three decades, large and persistent discrepancies between the annual change in public debt and the budget … deficit, so-called stock-flow adjustments, were a prominent feature of debt dynamics in many economies. The aim of this paper … stock-flow adjustments to increases in debt is likewise smaller in countries with above average fiscal transparency. This …

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 …

across major regions, countries with differing commodity export composition, and countries with differing debt relief status …

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 …

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 …