Este documento de trabajo proporciona un análisis de los objetivos buscados con las emisiones de deuda finalista durante el franquismo, la estructura de la deuda en circulación y la sostenibilidad de la deuda. Como era más barata, se abusó de la deuda flotante que luego se consolidó. La...

This paper studies welfare consequences of a soft borrowing constraint on sovereign debt which is modeled as a proportional fine per unit of debt exceeding some reference value. Debt is the result of myopic fiscal policy where the government is assumed to have a smaller discount factor than the...

The main arguments in favor and against nominal and indexed debt are the incentive to default through inflation versus hedging against unforeseen shocks. We model and calibrate these arguments to assess their quantitative importance. We use a dynamic equilibrium model with tax distortion,...

Many proponents of conservative fiscal policies talk of the budget deficit as being a matter of intergenerational equality. However, this paper shows the younger generations (and those yet to be born) will contribute more to the deficit than older generations. This analysis uses data from the...

Hungary’s net external liabilities have increased significantly in recent years and its external liabilities-to-GDP ratio currently stands at a very high level by international standards. As the credit market crisis emanating from the Unites States has put renewed emphasis on the vulnerability...

Although it is an insufficiently defined concept, the economic governance seems to play an extremely important role both for the future of the European continent, and for all the countries of the world. The current economic and financial crisis revealed numerous difficulties of the current...

Côte d'Ivoire is the world’s largest producer and exporter of cocoa beans, it accounts for 40% of the WAEMU's output, and 11% of its population are immigrant workers. Any political instability in the country will not only affect the domestic economy, but it will also affect the international...

This article provides a historical overview of the factors leading up to debt crises and the default methods used by the governments to solve them, ranging from repudiation and restructuring to inflation tax and financial repression. The paper also analyses the Spanish governments’ graduation...

This paper explores the interaction between fiscal policy and unemployment. It develops a dynamic economic model in which unemployment can arise but can be mitigated by tax cuts and public spending increases. Such policies are fiscally costly, but can be financed by issuing government debt. In...

The management of government debt and assets has important implications for fiscal positions. Debt managers aim to secure non-interrupted funding at lowest medium-term costs subject to risks. Massive crisis-related increases in government debt in most OECD countries and increased risks on the...