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....

"Afin de répondre aux demandes de plus en plus importantes et répétées des armées, l’industrie s’érige en vaste front de l’arrière. Des usines se reconvertissent ou sont créées ; les grandes entreprises deviennent des « firmes-pivots » structurant, au sein de chaque branche...

The Next Generation EU (NGEU) programme is radically changing the way the European Union interacts with financial markets because of its ambitious and ground breaking new public debt programme. The European Commission has adopted a new, diversified borrowing strategy, similar to that of other...