framework in the second part of the decade, Brazil suffered a major public debt and currency crisis in 2002. Though the … policymaking framework: fiscal policy was not responsive to the shocks, public debt instruments were used with several objectives … (to stabilize the currency and to lengthen maturity) and there was inadequate supervision of agents holding public debt …

debt management, fiscal and monetary policies. It illustrates the consequences of uncoordinated policy mix and extends … Sargent and Wallace (1981 and 1993) by including debt management. Examples of policy games played by fiscal, monetary, and … debt management authorities reinforce the importance of policy separation and coordination to prevent domination by one …

early 2000s as a result of debt relief programs, higher economic growth, and improved fiscal management for some countries …. More recently, however, vulnerabilities in some countries are on the rise, including a few with very rapid debt … have driven changes in public debt since the global financial crisis. Borrowing to support fiscal deficits since 2009 …

Countries with high debt exposure are vulnerable to economic and financial shocks that could lead to sovereign defaults …. This paper develops a methodology to identify countries that are at risk of debt default based on four elements of debt … vulnerability. These elements capture the different ways in which risks associated with high debt are assessed, namely: (i) the …

More than 20 developing countries do not publish any data on their sovereign debt. In those that do disclose data …, public debt statistics usually do not comply with international standards in terms of coverage and definitions. Some … information can be deduced through indirect disclosure of debt statistics to external agents, such as the World Bank and the …

sovereign debt, and discusses some issues inherent in these approaches. The analysis mainly focuses on the correlations of … domestic fundamentals with the actual versus equilibrium exchange rate in light of the long-term perspective of a debt manager …

period 1990-2016, and includes 28 indicators of fiscal space grouped into four categories: debt sustainability, balance sheet … vulnerability, external and private sector debt related risks as potential causes of contingent liabilities, and market access. The …

quantitatively how fiscal decentralization affects local and central government debt accumulation and spending. In the model, the … to Spain, the model explains 39 percent of the rise in total government debt when the vertical fiscal imbalances widened … during 1988-1996, and 18 percent of the fall in debt when the imbalances narrowed during 1996-2006 …

This paper develops a sovereign default model with capital accumulation, long-term debt, and fiscal rules with two … distortions: debt dilution and private underinvestment. Fiscal rules generate a long-run economic expansion because they mitigate … costly transition where consumption and investment drop to finance debt reduction. These dynamic trade-offs are quantified …

The emergence of substantial fiscal deficits and a large build up of government debt in major advanced economies will …