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n 1841 and 1842, eight states and the Territory of Florida defaulted on their sovereign debts. Traditional histories of the default crisis have stressed the causal role of the depression that began ...
Using a variance decomposition of shocks to GDP, we quantify the role of international factor income, international transfers, and saving in achieving risk sharing during the recent European crisis. ...
There is a large literature on why countries choose to issue debt rather than financing expenditures by current taxation. If Ricardian Equivalence holds and taxes are non-distortionary,then it doesn’t...
Government guarantees of private debt deplete equity. The depletion is greatest during periods when the probability of a guarantee payoff is highest. In a setting otherwise subject to Modigliani-Mille...
Using a recursive empirical model of the real interest rate, GDP growth and the primary government deficit in the United States, I solve for the ergodic distribution of the debt/GDP ratio. If such a d...
Internal Financing of Multinational Subsidiaries: Debt vs. Equity.
The maturity of new debt issues predicts excess bond returns. When the share of long term debt issues in total debt issues is high, future excess bond returns are low. This predictive power comes in t...
By the end of 2013, the share of government debt held by the domestic banking sectors of Eurozone countries was more than twice its 2007 level. We show that this type of increasing reliance on the dom...
Using both quasi- and Precise-Regression Discontinuity designs we provide new evidence on third-party costs of technical defaults that have not been examined previously in the literature. In particula...
This paper re-examines government debt management policy in light of the U.S. experience with extraordinary fiscal and monetary policies since 2008. We first document that the Treasury's decision to l...
Foreign participation in local-currency-bond markets in emerging countries has increased dramatically over the past decade. In light of this trend, we revisit the question of the optimal exchange-rate...
Public Debt, Growth and Poverty Reduction in a Failed State: Nigeria,1970-2011.
The world’s economy experienced a devastating blow in the fall of 2008. In what appeared to be within the blink of an eye, financial markets buckled, mighty economies previously relied on...
We address the question of whether and how a sovereign should reduce its external indebtedness when default is a significant possibility, with a particular focus on whether a sovereign should buy back...
We propose a continuous time model of nominal debt and investigate the role of inflation credibility in the potential for self-fulfilling debt crises. Inflation is costly, but reduces the real value o...

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