This paper analyses the risk of default on public debt within a repeated game between the governement and private investors. The government has only an imperfect control over the stream of future revenues. In this case, a long sequence of adverse budgetary shocks may push the debt over its...

The coexistence of a predominantly poor opinion on free markets and lack of education in economics are two documented features of France. In this paper, we use data collected in December 2009 through an Internet-based survey within the network of a major French Business School to test whether...