Our previous assessment of debt sustainability in developing Asia, conducted in 2011, found that the region's fiscal outlook was mostly benign. In this study we update the debt sustainability assessment, taking stock of the latest data and including a larger number of countries. With the benefit...

We study the sustainability of public debt in a closed production economy where a benevolent government chooses fiscal policies, including haircuts on its outstanding debt, in a discretionary manner. Government bonds are held by domestic agents to smooth consumption over time and because they...

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...

This study identifies commonalities between two historical incidents of debt assumption - in the United States in 1791 and in present-day Europe. By comparing the interests and behaviour of key players in these two incidents, we find three major parallels: First, in their strategic interactions,...

This Feature considers the debts of quasi-sovereign states in light of proposals to let them file for bankruptcy protection. States that have ceded some but not all sovereign prerogatives to a central government face distinct challenges as debtors. It is unhelpful to analyze these challenges...

The eurozone sovereign debt crisis, characterized by enormous debt burdens faced by its weakest economies, has also induced a parallel credit crunch and illiquidity concerns for European banks. Bank holdings of sovereign debt issued by peripheral eurozone countries have dropped in value and are...

This study, in Italian language, examines the quarterly evolution of Italy's sovereign debt, its stock of government bonds, official reserves, GDP and balance of trade, inflation and unemployment. Please see also: Mazziero, Maurizio, 2010: Un Altro Anno a Debito per l'Italia (2010: Another Year...

This study, in Italian language, examines the quarterly evolution of Italy's sovereign debt, its stock of government bonds, GDP and inflation. Please see also: 2010: Mazziero, Maurizio, 2010: Un Altro Anno a Debito per l'Italia (2010: Another Year of Debt for Italy) (April 10, 2011). Available...

European Union has taken economic and financial measures to cope with the debt crises erupted in 2009. These measures can be summarized as putting in place a bail-out mechanism and austerity measures, strengthening economic policy coordination, setting up 'Stability and Growth Pact III' and the...

Questo Quaderno di Ricerca pone sotto osservazione i dati economici italiani, esaminando l'evoluzione trimestrale del debito pubblico, dello stock di Titoli di Stato, delle Riserve ufficiali, della crescita del Pil, dell'inflazione e della disoccupazione.This study, in Italian language, examines...