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...

Infrequent but turbulent episodes of outright sovereign default on domestic creditors are considered a ?forgotten history? in macroeconomics. We propose a heterogeneous- agents model in which optimal debt and default on domestic and foreign creditors are driven by distributional incentives and...

Infrequent but turbulent episodes of outright sovereign default on domestic creditors are considered a “forgotten history” in Macroeconomics. We propose a heterogeneous-agents model in which optimal debt and default on domestic and foreign creditors are driven by distributional incentives...

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...

Sovereign debt restructurings may experience marginal changes as a result of recent modifications in contractual terms being incorporated into new bond issues, but for the most part they will likely resemble what has generally worked so well in recent decades to the satisfaction of most...

The Greek sovereign debt crisis has raised some important issues, not only with regard to the effectiveness of the Economic and Monetary Union (EMU) as an optimal currency area, but also as to whether or not a member state should exit the euro zone in the face of unsustainable debt problems,...

Infrequent but turbulent overt sovereign defaults on domestic creditors are a "forgotten history" in Macroeconomics. We propose a heterogeneous-agents model in which the government chooses optimal debt and default on domestic and foreign creditors by balancing distributional incentives v. the...

President Biden has proposed an increase in corporate taxes to help "pay for" the American Families Plan. An examination of who actually pays corporate taxes shows that the impact of an increase in corporate taxes may be less than imagined and those who "pay" include many who are not the...

Public finances worldwide have been severely hit by the 2008-2009 Great Recession, stimulating the debate on the consequences of growing fiscal imbalances. Building on Paesani et al. (2006), this paper focuses on the USA, Germany and Italy over the 1983-2009 period and studies the effects of...

This paper describes the growth of the Singapore Government Securities (SGS) market. It elaborates on the balanced budget policy of the Singapore government, explains how SGS are issued unrelated to fiscal needs and describes how a liquid SGS market is used to establish a robust government yield...