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...

We examine the sustainability of public finances and its determinants for 19 Eurozone countries from 1995 to 2020. We conclude for the existence of panel cointegration between government revenues and expenditures; primary government balance and one-period lagged public debt-to-GDP ratio; and...

This paper studies how the currency composition of public debt affects debt sustainability in developing countries. We show empirically that the debt-to-GDP ratio tends to grow at a faster rate when countries with a high share of foreign currency debt face a currency depreciation. The paper also...

This paper revisits the fiscal sustainability condition proposed by Domar (1944). The Domar condition is derived from the government budget constraint and thus focuses on the supply side of the government bond. By considering the demand for the government bond, this paper finds that public debt...

In the literature regarding fiscal sustainability, the Domar condition and Bohn's condition are often used to check whether a government's debt situation is in a dangerous zone. This paper first shows that the Domar condition is obtained only from the government budget constraint (namely the...