Germany is a reluctant supporter of the EU funds which are being used in the ‘bailout' of Ireland, and it insists on strict ‘austerity' conditions, concerned about risk and moral hazard.However, through its central bank, Germany is lending €325bn (December 2010) to other central banks in...

In this paper we build a theoretical model of a firm repurchasing its corporate debt. We find that firm creditors as a group sell debt to the firm only at face value. However, because of the cross-creditor externalities buying back debt is cheaper and easier when there are many creditors, e.g.,...

Both student loans and household debt are at their peaks. This paper investigates how student loans causally impact debt holdings of individuals in the medium-run using data from the National Longitudinal Survey of Youth 1997. To identify the causal effect of student loans on future debt...

In 1825, France conditioned its grant of recognition to the new nation of Haiti on the payment of 150 million francs plus trade benefits. The payments were, at least in part, compensation for the losses that French plantation owners suffered, a key part of which was the loss of enslaved...

Government debt has risen substantially in emerging market and developing economies (EMDEs) since the global financial crisis. The current environment of low global interest rates and weak growth may appear to mitigate concerns about elevated debt levels. Considering currently subdued...

Government debt has risen substantially in emerging market and developing economies (EMDEs) since the global financial crisis. The current environment of low global interest rates and weak growth may appear to mitigate concerns about elevated debt levels. Considering currently subdued...