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initial lower debt-to-GDP ratio. Consolidations were larger when sustained over time and the initial deficit was high. Fiscal …
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funds. In some periods, public debt increased more rapidly than the officially reported government deficit because the …
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The purpose of the present paper is to examine theoretically and empirically how the maturity structure of government debt is affected by changes in its main macroeconomic determining factors. We organize our investigation around a maturity-structure model for Greece in which the optimal...
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