, subnational insolvency procedures predictably allocate default risk, while providing breathing space for orderly debt …

Emerging market and developing economies have experienced recurrent episodes of rapid debt accumulation over the past … fifty years. This paper examines the consequences of debt accumulation using a three-pronged approach: an event study of … debt accumulation episodes in 100 emerging market and developing economies since 1970; a series of econometric models …

to examine the effects of vertical fiscal imbalances on fiscal performance through the accumulation of government debt …. Our findings suggest that vertical fiscal imbalances are indeed relevant in explaining government debt accumulation, and …

the balance sheet approach, this paper examines the effects of vertical fiscal imbalances on government debt. The results … indicate that vertical fiscal imbalances are relevant in explaining government debt accumulation suggesting a degree of caution …

that have implications for budgetary policy, debt sustainability and for Euro membership. We use changes in the Credit …

comparison to the whole sample of 2004-2017 the strength of reaction of the primary deficit to a change of the public debt … breaks of 2-and 4 years lags: for the output gap in 2008 Q4, for the primary deficit in 2010 Q4 and for the public debt in …