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Cover -- Contents -- I. Introduction -- II. Public Debt as State Building -- III. From War Finance to Public Goods -- IV. Debt Consolidation Before 1913 -- V. Evolution of Public Debt since 1900 -- VI. Two Debt Accumulation Episodes -- VII. Two Debt Consolidation Episodes -- VIII. Conclusion -- Data Appendix -- References -- Boxes: -- Box 1. Egypt's Debt History in the 19th Century -- Box 2. Definition and Interpretation of the Stock-Flow Adjustment -- Tables: -- Table 1. Geographical Distribution of debt flows and stocks, 1880-1914 -- Table 2. Decomposition of Select Large Pre-1914 Debt Reductions -- Table 3. Decomposition of Select Large Post-1914 Debt Increases -- Table 4. Shifts in Advanced Economies' Debt Composition, Select Buildup Episodes -- Table 5: Decomposition of Select Large Post-1914 Debt Reductions -- Table 6. Shifts in Advanced Economies' Debt Composition, Select Reduction Episodes -- Table 7. Shifts in Select Advanced Economies' Debt Composition, Post-WWII -- Figures: -- Figure 1. Sovereign Default Prevalence, 1800-1913 -- Figure 2. Public debt and Primary Balance in the United Kingdom -- Figure 3. Public Debt and Primary Balance in the United States -- Figure 4. Public Debt and Primary Balance in France -- Figure 5. Public Debt Ratio -- Figure 6. Debt Composition in Advanced Economies, Maturity and Currency -- Figure 7. Debt Composition in Advanced Economies, Holders -- Figure 8. Debt Composition in Emerging Economies -- Figure 9. Select External Debt Composition Indicators in LICs -- Figure 10. Interest-Growth Differential in Advanced Economies -- Figure 11. Central Bank Holdings of Government Debt in the U.S -- Figure 12. Italy: Debt Composition in the 1970s through Euro Adoption

As Europe proceeds towards economic and monetary union, fiscal convergence and the prospect of a common money are at the centre of discussion. This volume from the Centre for Economic Policy Research brings together theoretical, applied and historical research on the management of public debt and its implications for financial stability. Gale fills a gap in the literature, using a consistent framework to investigate the welfare economics of public debt, while Calvo and Guidotti analyse the trade-off between indexation and maturity when it comes to minimizing debt service. Confidence crises have become relevant again in view of the high debt ratios in countries such as Belgium, Italy and Ireland. Alesina, Prati and Tabellini develop a formal model of the propagation of a debt run and use it to interpret Italian debt panics. Giavazzi and Pagano concentrate on how inappropriate debt management can precipitate a run on the currency while Makinen and Woodward review a broad sweep of historical experience

This collection is an analysis of the theoretical foundations of public debt sustainability concepts and their application to the empirical study of actual budgetary policies. The contributors to this volume consider whether the development of public debt in the United States and six EU countries is sustainable.

Sustainable public debt has gained renewed attention as countries implement fiscal consolidation measures in the aftermath of the global financial crisis. Sound public debt policies and debt management practices require robust legal underpinnings. Complex legal issues however arise in the design of the legal framework, and tradeoffs are required in many instances. This paper analyzes key features of modern public debt management legal frameworks, drawing from examples in advanced, emerging, and frontier markets. It aims to provide guidance for countries that seek to review and strengthen their

High-quality public debt management plays a critical role in reducing the vulnerability of developing countries to financial crises. With sound risk and cash management, effective coordination with fiscal and monetary policy, good governance, and adequate institutional and staff capacity in place, governments can develop and implement effective medium-term debt management strategies. Managing Public Debt: From Diagnostics to Reform Implementation draws insights from a joint pilot program set up by the World Bank and International Monetary Fund to design relevant reform and capacity-building programs in twelve countries. The experiences of these geographically and economically diverse countries - Bulgaria, Colombia, Costa Rica, Croatia, Indonesia, Kenya, Lebanon, Nicaragua, Pakistan, Sri Lanka, Tunisia, and Zambia - illustrate the challenges and elements necessary to make progress in the area of public debt management. Managing Public Debt will serve government officials contemplating or in the process of reforming their practices, providers of technical assistance, and practitioners working on building capacity in public debt management. Because effective implementation of debt management strategies also requires a developed domestic government debt market, readers will also be interested in the companion volume, Developing the Domestic Government Debt Market, published by The World Bank in February 2007, based on the same joint pilot program.

David Ricardo on Public Debt provides a comprehensive view of the topic of public debt from the Ricardian standpoint. It shows how and why Ricardo's analysis of public debt connects to other themes and issues in Ricardian economics. With extensive reference to Ricardo's own words Churchman demonstrates that his writings and speeches on the subject of public debt provide an interesting exploration of issues still very relevant today. In addition, they furnish us with a rich source of evidence regarding topics of interest to all Ricardian scholars, including his theories of resource allocation and economic growth, the quality of his applications of analysis to practical questions, and the motives behind both his abstract reasoning and policy recommendations.

Intro -- PUBLIC DEBT, FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH -- Library of Congress Cataloging-in-Publication Data -- CONTENTS -- PREFACE -- INTRODUCTION -- Chapter 1: THE IMPACT OF PUBLIC DEBT STRUCTURE ON ECONOMIC GROWTH -- ABSTRACT -- 1.1. INTRODUCTION -- 1.2. RELATED LITERATURE -- 1.3. THE DATA AND STYLIZED FACTS -- 1.4.METHODOLOGY -- 1.5. ESTIMATION RESULTS -- 1.6. CONCLUSION -- Chapter 2: PUBLIC DEBT STRUCTURE VERSUS FINANCIAL DEVELOPMENT -- ABSTRACT -- 2.1. INTRODUCTION -- 2.2. THE DATA AND STYLIZED FACTS -- 2.3. THE EMPIRICAL FRAMEWORK -- 2.4. DETERMINANTS OF THE RATIO OF DOMESTIC DEBT-TO-TOTAL DEBT -- 2.5. CONCLUSION -- Chapter 3: PUBLIC DEBT, FINANCIAL INSTITUTIONS, AND INFLATION -- ABSTRACT -- 3.1. INTRODUCTION -- 3.2. THE MODEL -- 3.3. INFLATION CONSTITUENCY -- 3.4. EQUILIBRIUM -- 3.5. CONCLUSION -- APPENDICES -- APPENDIX I. LIST OF COUNTRIES -- APPENDIX II. GROWTH REGRESSIONS -- APPENDIX III. FIXED EFFECT RESULTS -- APPENDIX IV.SIMULTANEOUS EQUATIONS MODEL -- APPENDIX V.GMMREGRESSION RESULTS -- APPENDIX VI.PROOFS OF RESULTS IN THE MAIN TEXT -- REFERENCES -- INDEX.

Cover -- Contents -- 1 Introduction -- 2 A bare-bones model of sovereign debt crises -- 2.1 Optimal default and taxation plans under discretion -- 2.2 Debt pricing -- 2.3 Rational expectations equilibrium and regularity conditions -- 2.4 Equilibria -- 3 The effect of tranching when senior debt is riskless -- 3.1 A Modigliani-Miller irrelevance result -- 3.2 Non-neutrality -- 4 Risky senior debt -- 5 A numerical illustration -- 6 Conclusion -- 7 Appendix -- A Proofs of Propositions -- A.1 Proof of Proposition 1 -- A.2 Proof of Proposition 2 -- A.3 Proof of Proposition 3 -- A.4 Proof of Proposition 4 -- B Equilibria under tranching

"This book comprises four chapters, each of which examines public debt from a specific economic perspective. Chapter 1 studies potential fiscal externalities of the public debt in the framework of a monetary union. Chapter 2 examines the theoretical literature concerning how and if public debt impairs economic growth and finds no univocal and straightforward answer. Chapter 3 discusses the economic impact of the SARS-CoV-2 virus and addresses the question of whether limits to public debt ought to be respected or disregarded in the face of huge unemployment, collapsing tax revenues, and generous public expenditure programs. Lastly, Chapter 4 analyzes the response of central banks in emerging inflation targeting countries with floating exchange rates to changes in public debt."

Front Cover -- Front Flap -- Title Page -- Copyright Information -- Table of Contents -- Introduction -- Part I: The Public Debt Problem -- What is Public Debt? -- The Surge in Public Debt -- How High Public Debt Can Cause a Financial Crisis -- How High Public Debt Can Reduce Economic Growth -- Public Debt, Moral Imperatives, and Politics -- A Pause to Recap -- Part II: The Shortcuts -- Printing Money -- First Case Study: Should European Countries Leave the Euro Zone? -- Financial Repression -- Default -- Second Case Study: The Greek Crisis -- Debt Mutualization -- Privatization -- Part III: The Main Road -- Economic Growth -- A Bit of Austerity -- Institutional Fiscal Constraints -- Conclusion: The Unbearable Lightness of Public Debt -- Notes -- Index -- Back Flap -- Back Cover.