show that growth is higher if the debt to GDP ratio is below 60 % compared to values above it. Moreover, a comparison with …

Debt Overhang is a controversial issue in the eurozone countries and is considered as one of the factors which created … the current economic crisis. How to deal with sovereign debt has been debated both at the theoretical and policy making … level. This paper looks at the Greek debt and four options are discussed: (a) unilateral default (b) unilaterally imposed …

In Greece and other countries of the eurozone there are a number of misconceptions about the debt crisis. I argue …

propose a heterogeneous-agents model in which the government chooses optimal debt and default on domestic and foreign … creditors by balancing distributional incentives v. the social value of debt for self-insurance, liquidity, and risk-sharing. A … rich feedback mechanism links debt issuance, the distribution of debt holdings, the default decision, and risk premia …

Europe's debt crisis resembles historical episodes of outright default on domestic public debt about which little … welfare of risk-averse debt and non debtholders. A utilitarian government cannot sustain debt if default is costless. If … default is costly, debt with default risk is sustainable, and debt falls as the concentration of debt ownership rises. A …

propose a heterogeneous-agents model in which the government chooses optimal debt and default on domestic and foreign … creditors by balancing distributional incentives versus the social value of debt for self-insurance, liquidity, and risk …-sharing. A rich feedback mechanism links debt issuance, the distribution of debt holdings, the default decision, and risk premia …

Europe's debt crisis resembles historical episodes of outright default on domestic public debt about which little … welfare of risk-averse debt and non-debtholders. A utilitarian government cannot sustain debt if default is costless. If … default is costly, debt with default risk is sustainable, and debt falls as the concentration of debt ownership rises. A …

after the sovereign debt crisis of the late 2000's. We account for several dimensions of heterogeneity including size, type …

The Greek debt crisis prompted EU officials to embark on a radical reconstruction of the European sovereign debt … CACs. CACs are supposed to help governments and private creditors to renegotiate unsustainable debt contracts, and obviate … the need for EU bailouts. But European sovereign debt contacts were already amenable to restructuring; adding CACs could …