Cette etude examine les effets de l'endettement du Canada sur les taux d'interet reels de long terme au Canada a l'aide de la methode des VECM (Vector Error Correction Model).

In the aftermath of the recent debt crisis, many countries are implementing nonlinear fiscal policy rules, whereby the government’s responsiveness to debt must strengthen at higher levels of debt. This paper examines how a nonlinear fiscal policy rule affects the possibility of future...

This paper considers the economic and political drivers of sovereign default, focusing on countries rich enough to render sovereign default a ‘won’t pay’ rather than a ‘can’t pay’ phenomenon. Unlike many private contracts, sovereign debt contracts rely almost exclusively on...

The objective of this paper is to assess whether non-residents’ holdings of a country’s debt make a difference for debt stabilization, where non-residents’ holdings are considered external debt according to a Balance of Payments perspective. The analysis is empirical and considers the case...

2007-2008-ban felborult a nemzetközi pénzpiacok hosszú ideig tartó viszonylagos nyugalma. A görög, az ír és a portugál példa mellett a magyar, a román és a lett eset is a fiskális fenntarthatóság és átláthatóság hiányának súlyos veszélyeire figyelmeztet. A politikai...

The objective of this paper is to assess whether external debt makes a difference for public debt stabilization, where external debt is considered through the non-residents’ holdings according to a Balance of Payments perspective. The analysis is empirical and considers the case of Italy, one...

In March 2013 around 130 participants from academia, banking and finance, governments and central banking gathered at the premises of the OeNB in Vienna for a conference jointly organized by the European Money and Finance Forum SUERF, the OeNB and the Austrian Society for Bank Research to...

We present a dynamic and quantitative model of a fiscal solvency crisis in a monetary union. Diverse fiscal policies, which are subject to fiscal limits and stochastic shocks, can threaten a monetary union. The fiscal limits arise due to distortionary taxation and political will. Stochastic...

In the aftermath of the recent financial crisis and recession, governments' actions around the world suggest a non-linear responsiveness of fiscal policy to debt. Additionally, governments are realizing that they face fiscal limits on the size of debt that they can repay. The fiscal limits arise...