We generalize endogenous growth models, which often assume a closed-economy, toallow for international borrowing and lending. We incorporate a prominent feature of globalfinancial markets, that the marginal cost of borrowing facing a small open economy is dependent on the "country risk" as...

The article considers the current situation of Italy's economy and public finances in the light of the ongoing euro-crisis. It suggests that growth should be given a considerably higher priority than austerity measures, including because sustained growth eases fiscal consolidation. The work is...

We generalize endogenous growth models, which often assume a closed-economy, to allow for international borrowing and lending. We incorporate a prominent feature of global financial markets, that the marginal cost of borrowing facing a small open economy is dependent on the “country risk” as...

The global crisis and the expansionary government reaction in many countries has revamped the attention of policy makers and academics on the growth effects of large public debts. Recent empirical studies investigate the impact of public debt on growth in advanced and emerging countries. This...

General Assembly resolution 69/247 established the Ad Hoc Committee on Sovereign Debt Restructuring, with instructions to "elaborate ... a multilateral legal framework for sovereign debt restructuring processes." These invited remarks discuss the historical context for this effort, which spans...