the current bailout by the EU/ECB/IMF. -- debt ; deficits ; political economy ; fiscal crisis ; Greece … and current account deficits, which have in turn driven Greece’s foreign indebtedness to alarming levels, necessitating …

This paper proposes a dynamic politico-economic theory of debt, government finance and expenditure. Agents have … voters choose taxation, government expenditure and debt accumulation through repeated elections. Debt introduces a conflict … through debt accumulation, leaving future generations “enslaved”. However, if tax distortions are sufficiently large, the …

economies, whose driving force is the intergenerational conflict over debt, taxes, and public goods. Subsequent generations of … taxes and low debt accumulation. The paper characterizes the Markov-perfect equilibrium of the voting game in each economy …, as well as the stationary equilibrium debt distribution and interest rate of the world economy. The equilibrium can …

This paper assesses debt sustainability in Guatemala. Debt stability has been achieved at very low expenditure levels … hypothesis of possible institutional arrangements that have allowed for the containment of fiscal deficits for over 20 years. The …

a second serious recession in 2011 because of the sovereign debt crisis. The reaction of Italian governments was mild at … the beginning and more convinced since the start of the sovereign debt crisis in 2011. Adopted policies contributed to … Italian economy to reduce the level of public debt and to return to sustained economic growth, which has been very weak for …

This paper provides evidence on the debt limits and fiscal space for some Latin American emerging economies under the … suggest, for instance, that the Colombian public debt limit would be close to 68% of GDP and that the fiscal space-the gap … between the current debt level and the estimated debt limit-would reach 16 percentage points. Among the other Latin American …

consolidated public sector and different levels of government, and tests for the sustainability of the public debt dynamics. The …

the government from 2000:Q1 to 2018:Q4 was adequate in addressing the accumulation of huge debt. The analysis of the … stylized facts reveals that the government had continued to run budget deficits for almost the entire period, except for a few … period. The public debt to GDP, which is a major determinant of the primary balance, is negative and significant implying …

This paper assesses debt sustainability in Guatemala. Debt stability has been achieved at very low expenditure levels … hypothesis of possible institutional arrangements that have allowed for the containment of fiscal deficits for over 20 years. The …