debt as a means to deliver intergenerational transfers or smooth tax distortions. We find that certain politico …-economic models of social security or variants thereof can be re-interpreted as novel politico-economic theories of debt while other … environments with distorting taxes, economic equivalence relations between policies with different levels of debt do not extend to …

debt as a means to i) deliver intergenerational transfers or ii) smooth tax distortions. We find that certain politico …-economic models of social security or variants thereof can be re-interpreted as novel politico-economic theories of debt while other … environments with distorting taxes, economic equivalence relations between policies with different levels of debt do not extend to …

We develop a sovereign debt model with offcial and private creditors where default risk depends on both the level and …, such as reduced ex-post flexibility. The model implies that official lending to sovereigns takes place in times of debt … presence of long-term debt overhang, the availability of offcial funds increases the probability of default on existing debt …

We develop a sovereign debt model with official and private creditors where default risk depends on both the level and …, such as reduced ex-post flexibility. The model implies that official lending to sovereigns takes place in times of debt … presence of long-term debt overhang, the availability of official funds increases the probability of default on existing debt …