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This paper develops a framework to decompose the change in New Zealand's public debt ratio into four component effects: the primary balance, real GDP growth, real interest rates, and exchange rates. We study New Zealand's debt dynamics over three periods: the decade after the Global Financial...
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Sovereigns' public capital influences sovereign debt crises and resolution. We compile a dataset on public expenditure … expenditure, and (iv) relates with restructuring delays. We develop a theoretical model of defaultable debt that embeds endogenous … public capital accumulation, expenditure composition, production and multi-round debt renegotiations. The model …
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Sovereigns' public capital influences sovereign debt crises and resolution. We compile a dataset on public expenditure … experiences severe decline and slow recovery, differs from public consumption and transfers, reduces share in public expenditure … capital accumulation, expenditure composition, production and multi-round debt renegotiations. The model quantitatively shows …
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