outcome of fiscal shocks is strongly related to debt levels. The Euro-area countries included in the investigation are Greece … expansions in the small Euro-area open economies affected by high public and private debt. It is shown that the macroeconomic … Debt Euro Area Countries -- 5 A Further Look To Macroeconomic Outcomes of Fiscal Austerity in High Debt Countries -- 6 Can …

With this paper, our objective is to empirically study public debt sustainability by estimating a fiscal reaction … function where the primary balance relative to GDP is assumed to be a function of the public debt to GDP ratio of the previous … economies from 1996 to 2020. We find statistical evidence for sustainable debt policies and detect that both monetary policy …

international reserves and on the financing of sovereign debt. An increase in foreign exchange reserves is expected to moderate the … influence of U.S. interest rates. However, a high level of government debt raises the sovereign risk premium. Moreover, an … increase in the stock of government debt denominated in foreign currency may increase the expected rate of depreciation of the …

relaxation of future public budgets as debt repayment results in lower interest obligations. While we show that the … intergenerational welfare impacts depend importantly on what tax recycling instrument is used, we find that combining debt consolidation …