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...

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...

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...

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...

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...

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...

This paper looks at the Euro-zone crisis from the point of view of the Euro-zone youth. Young people in many Euro-zone countries are today confronted with high and persistent unemployment with potentially long-lasting “scarring effects” compromising their present and future well-being. While...

In the 1970s, while a leftist military dictatorship ruled Peru, more than 22 million acres of cultivated or grazing farmland – one-third of Peru's total agricultural acreage, or seven-and-a-half times the land area of Connecticut – were expropriated from thousands of large owners as part of...

The financial and risk management are integral parts of public debt management, and are common in Western countries; the use of innovative financial securities for these purposes, such as interest rate swaps, forces sovereign states to behave in a more credible way, from a financial point of...

In this study, the role of debt maturity is analysed in a framework that blends a number of key macro‐economic factors with a process of estimating an optimal debt maturity maximising net present value. The purpose is to reduce the real value of government liabilities for a highly indebted...