L'objet de ce texte est strictement limité au comptage de l'encours de la dette publique libellée en RHVP à partir de la liste d'émissions dressée par Katia Béguin (Financer la guerre au XVIIe siècle. La dette publique et les rentiers de l'absolutisme, à paraître, Champ Vallon, 2012) et...

The negotiation theory that François de Callières (1645-1716) built promotes peace politics in the international arena. First, we develop the political rationality that prevailed in the 17th Century, essentially under the realm of Louis XIV. European power politics is dominated by the...

In this paper we develop a simple analytical framework to analyze “good” and “bad equilibria” in public-debt and growth dynamics. The “bad equilibrium” is characterised by the simultaneous occurrence, and adverse feedbacks between, high and growing fiscal deficits and debt, high risk...

In many OECD countries debt has soared to levels threatening fiscal sustainability, necessitating its reduction over the medium to longer term. This paper uses stylised simulations in a small, calibrated macroeconomic model which features endogenous interactions between fiscal policy, growth and...

Sovereign debts are often subject to payment suspension. Default, i.e. the financial incapacity to fulfil the debt service, and repudiation, i.e. the denial by a sovereign to recognize its legal obligations, are normally used to explain these payment suspensions. Intuitively, for bondholders,...

L'objet de cet article est l'analyse de l'aléa moral caractéristique des relations entre la Russie et le FMI. On s'appuie sur un modèle original de "jeu de faux semblants" comportant un prêteur multilatéral dont la fonction d'utilité dépend de la stabilité du Système Financier...