crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe … debt problems. Spreads increased and, surprisingly, so did the share of the debt held by domestic creditors. Credit was … these facts, we propose a simple model of sovereign risk in which debt can be traded in secondary markets. The model has two …

meetings in July 1944. The chapters look at global imbalances, exchange rate issues, debt in emerging economies, and …

for debt feedback effects. The estimation focuses on regions with scarce quarterly data (mostly low-income countries), and …

The paper explores the extent to which the pressure of debt service on other spending items may push governments to … thresholds of interest bill indicators beyond which governments appear to shift to policies aimed at durably curbing the debt … concerns. Conversely, those benefiting from persistently low interest rates despite rising debt stocks would likely opt for a …

How do financial markets respond to concerns over debt sustainability and the level of public debt in emerging markets …? We introduce a measure of debt sustainability – the difference between the debt stabilizing primary balance and the … that debt sustainability is an important determinant of spreads. In addition, using a panel smooth transition regression …

studies of U.S. equities, indicate that the sovereignty of the issuer matters more than the type of debt contract …

We show that the presence of nominal non-indexed government debt could give rise to more than one equilibrium inflation … indeterminacy problem are examined; one solution is shown to be price indexation of debt instruments …

the 1960s and 1970s. There is increasing concern that this may reflect higher public debt, which is crowding out private … that the increase in OECD-wide government debt since the late 1970s was a major factor explaining the rise in real interest …

Contrary to widespread expectation, debt renegotiations in the era of bond finance have generally been quick and …