In 1975 Niels Thygesen, together with eight other economists - one of us among them - published in The Economist a "manifesto" proposing a new common currency for Europe (Basevi et al., 1975). His co-operation on this subject was pursued within a smaller group, and resulted in the publication of...

Managing Public Debt combines a theoretical and empirical analysis of the advantages of issuing index-linked bonds and potential problems that may arise and how sovereign issuers should deal with them.

Foreign-currency denominated securities are introduced in a stochastic model à la Missale [13]. It is shown that the percentage share of this bond type, as compared to total debt, is an increasing function of the covariance between the output and the rate of depreciation, but it may or may not...

The market value of outstanding government debt is calculated on a quarterly basis for the period 1970–96 using information from official sources. Individual series are provided for government bonds (BTPs), Treasury bills (BOTs), and floating-rate notes CCTs) at par and market value. The...

Treasury policies of countries with fully developed capital markets differ markedly in the area of currency de nomination of the dept. The paper aims to shed light on the empirical determinants of the currency denomination of the public debt on a cross-country basis. It thus lays out and...

In this paper we will seek to provide a political economy explanation for the government issuance of indexed bonds. We will show that the issuance of nominal bonds decreases inflation whenever the bondholders' constituency is stronger than the taxpayers' constituency. We then assume that public...

This paper analyzes the existing relation between corruption and economic growth andexamines the possible outcome of a reform implemented by the State to weed out or reducecorruption. It will be stressed that the reform against corruption tends, if not deemed bythe operators to last in time, to...