After a steady increase following the global financial crisis, private nonfinancial sector leverage rose further during … empirical relationships between increased leverage, financial conditions, and macro-financial stability in a sample of major … advanced and emerging market economies. We find that loose financial conditions contribute to leverage buildups and generate an …

With public debt soaring across the world, a growing concern is whether current debt levels are a harbinger of fiscal … true cost of debt may be overstated if interest rates remain low. To shed light into this debate, this paper re …-examines the importance of public debt as a leading indicator of fiscal crises using machine learning techniques to account for …

In the wake of the COVID-19 pandemic, debt levels in emerging and developing economies have surged raising concerns … about fiscal sustainability. Historically, negative interest-growth differentials in these countries have played a debt …-stabilizing role. But is this enough to prevent countries from falling into debt distress? Drawing from a sample of 150 emerging and …

on tax increases are in general self-defeating, in that they result in an increase of the debt-to-GDP ratio. Instead … level of debt. In other words, evidence points to non-linearities in the effects of fiscal policy. This paper provides a … framework to examine the role of the level of government debt in the assessment of consolidation policies across the business …

bank tax, and the U.S. administration has revived its own proposal for such a charge. This paper considers the structure …