The underexamined art and science of managing the federal government's huge debt. Everyone talks about the size of the U.S. national debt, now at 13 trillion and climbing, but few talk about how the U.S. Treasury does the borrowing—even though it is one of the world's largest borrowers....

How does cooperation emerge in a condition of international anarchy? Michael Tomz sheds new light on this fundamental question through a study of international debt across three centuries. Tomz develops a reputational theory of cooperation between sovereign governments and foreign investors. He...

This paper critically reviews recent work regarding the sustainability of public debt. It argues that Debt Sustainability Analyses (DSAs) should be more than mere mechanical simulation exercises. Instead, a DSA should be linked to some objective regarding the distribution of fiscal burdens and...

Introduction Part I. The Structure of Financial Crises 1. Capital Structure and Policy Collapse: The Financial Crisis of the Late 1990s 2. Market Structure Issues Part II. Global Liquidity and Capital Flows 3. Why Does Ric-Country Capital Flow to Poor Countries? 4. 180 Years of Liquidity...

States of Credit provides the first comprehensive look at the joint development of representative assemblies and public borrowing in Europe during the medieval and early modern eras. In this pioneering book, David Stasavage argues that unique advances in political representation allowed certain...

Path-breaking research on one of the most important macroeconomic policy challenges in the post-crisis world, presented in accessible language Written and researched by a team of experts from the International Monetary Fund, other policy-making institutions, and academia, this timely book looks...

Intro -- Contents -- Chapter One: Driven by Debt: Bankruptcy and Financial Failure in American Families - Katherine Porter -- Part I: The Debtor Next Door -- Chapter Two: A Vulnerable Middle Class: Bankruptcy and Class Status - Elizabeth Warren and Deborah Thorne -- Chapter Three: Out of...

This book provides extensive empirical evidence on the economic effects of budget deficits in ten Asian countries. It sheds light on a number of important issues relevant for both monetary and fiscal policies in the developing countries

First came the financial and debt crisis in Greece, then government financing difficulties and rescue programs in Ireland in 2010 and Portugal in 2011. Before long, Italy and Spain were engulfed by financial contagion as well. Finally in 2012, the European Central Bank pledged to do "whatever it...

A much-needed critical investigation of the root causes of the European sovereign debt crisis, featuring contributions from Nobel Laureate Joseph Stiglitz and the Argentine chief negotiator with the IMF, Roberto Lavagna