The fall in the U.S. public debt/GDP ratio from 106% in 1946 to 23% in 1974 is often attributed to high rates of economic growth. This paper examines the roles of three other factors: primary budget surpluses, surprise inflation, and pegged interest rates before the Fed-Treasury Accord of 1951....

In this paper, the author considers the sovereign debt in the form of one-period government bonds with default risk, which can be purchased by and traded among domestic and foreign investors. She shows that the weight assigned to the lenders' interest by the borrowing government at the time of...

In this paper, the author considers sovereign debt in the form of one-period government bonds with default risk, which can be purchased by and traded among domestic and foreign investors. She shows that the "good equilibrium" is the only stable equilibrium under some quite general assumptions,...

Based on probit estimates, this paper analyzes the effects of fiscal consolidation on the proba-bility of sovereign defaults in the short run. Using a panel of 104 developing countries from 1980 to 2009 and controlling for various economic, fiscal and political factors, we find that fiscal...

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...

With a trend towards lowering tariff barriers, trade between nations has gained added impetus. One of the consequences of this development is increased imbalance in Balance of Trade for a number of nations. This imbalance is then made up through flow of external capital to nations with sustained...

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...

Research into the state of the Italian economy based on official economic data; the current Sovereign Debt, Official Reserves, GDP, Inflation and Unemployment situation is presented and and compared with the past. Please see also: Mazziero, Maurizio, Baggiani, Leonardo, Fait, Silvano and Lawford,...

This model investigates the risks involved when a fiscal authority attempts to roll-over a stock of debt when there is the potential for coordination failure by investors. A continuum of investors, after receiving signals about the authority's willingness to repay, decide whether to roll-over...