This paper compiles the Intertemporal Public Sector Balance Sheets for all G7 countries and examines their relationship with government borrowing costs. In 2018, all G7 countries have negative Intertemporal Net Financial Worth (INFW), falling short of their intertemporal budget constraint. A...

The High Court of Australia recently found that statutory subordination laws in Australia did not embody a principle of members come last. The decision in Sons of Gwalia raised questions about whether the current law represents a sound policy outcome, and specifically drew attention to competing...