We investigate how large a primary deficit-to-GDP ratio Japan’s government can sustain. For this investigation, we construct an overlapping generations model in which multi-generational households live and the government maintains a constant ratio of the primary deficit to GDP. We numerically...

In this article we analyze which are the mutations of public debt stock and public debt service on the structure of public expenditures. We use functional classification of public expenditures and observe their evolution by using multiple regression equation in order to emphasize the shifts of...

The paper aims to analyze the causes that have led to rising the public debt of Romania between 2008-2013. Although it is below the level set out in the Maastricht Treaty, in Romania, the public debt has grown at a fast pace. Also consider the public debt according instruments, currency and type...

The paper aims to analyze the causes that have led to rising the public debt of Romania between 2008-2013. Although it is below the level set out in the Maastricht Treaty, in Romania, the public debt has grown at a fast pace. Also consider the public debt according instruments, currency and type...

In this paper, the author considers the sovereign debt in the form of one-period government bonds with default risk, which can be purchased by and traded among domestic and foreign investors. She shows that the weight assigned to the lenders' interest by the borrowing government at the time of...

Ce texte discute de la mesure, des causes et des conséquences de l'endettement public et revoit divers indicateurs d'endettement, de solvabilité et de prudence fiscale. Après avoir présenté une analyse descriptive et comparative de la situation de la dette publique des gouvernements au...

We study the evolution of the ratio of public debt to GDP during 132 fiscal episodes in 21 OECD countries in 1981–2008. Our main focus is on debt dynamics during 40 consolidation periods. To define these periods we use data on the evolution of the underlying cyclically adjusted primary...

Against the background of the euro area sovereign debt crisis, our paper investigates the relationship between public debt and economic growth and adds to the existing literature in the following ways. First, we use a dynamic threshold panel methodology in order to analyse the non-linear impact...

This paper investigates the average impact of government debt on per-capita GDP growth in twelve euro area countries over a period of about 40 years starting in 1970. It finds a non-linear impact of debt on growth with a turning point – beyond which the government debt-to-GDP ratio has a...

This article provides a historical overview of the factors leading up to debt crises and the default methods used by the governments to solve them, ranging from repudiation and restructuring to inflation tax and financial repression. The paper also analyses the Spanish governments’ graduation...