economies, whose driving force is the intergenerational conflict over debt, taxes, and public goods. Subsequent generations of … taxes and low debt accumulation. The paper characterizes the Markov-perfect equilibrium of the voting game in each economy …, as well as the stationary equilibrium debt distribution and interest rate of the world economy. The equilibrium can …

imprecision about which debt targets should be pursued. It then examines the evidence regarding the exogenous and policy …’économie politique de l’ajustement budgétaire. Il commence par examiner l’existence et les sources d’un biais en faveur des déficits …

and cointegration analysis are employed to examine this issue. According to the debt stationarity tests, countries such as … debt stationarity test and intertemporal budget constraint do not account for the costs associated with the transition …

The aim of this Paper is to test for the extent of incompleteness in the market for US Government debt. We show that … when a government pursues an optimal tax policy and issues a full set of contingent claims, the value of debt has the same …. Examining US data, however, reveals that debt is substantially more persistent than other variables and increases in response to …

Rising deficits and high debt ratios characterized currency crises in countries with low private savings rates and low … and deficits may be higher. Debt ratios fall with growth rates. Higher private savings can compensate for government … features but also shows debt ratios tend to rise in high growth phases. Policy conclusions for fiscal consolidation and …

When debt levels approach critical levels, tax payers may revolt against the associated debtservice burden. Funding … problems may arise in capital markets when lenders anticipate such revolts and refuse to participate in debt auctions. We … stochastic environment is a feedback rule from debt level shocks back to corresponding adjustments in the primary surplus. We …

stabilize its debt through adjustments to purchases and taxes, in that order, with very little stabilization coming through … adjustments to transfer payments. Since 1981, the debt-stabilization motive has almost vanished, while the cyclical behavior of …

large deficits. The negative effect of the growth dividend on government debt and deficits is established, but the failure … in reducing deficits. In the last year of the UPA the deadline effect helped meet expenditure targets, but at the cost of …