primary commodities and exposure to terms of trade shocks. This paper finds that the coefficient of the lagged debt stock was … significant and positive, consistent with the theory that higher levels of debt warrant greater fiscal effort. Various measures of …

also studies the case in which the government conducts a voluntary debt restructuring to capture the capital gains from the … increase in its debt market value implied by a rule announcement. In addition, the paper shows how debt ceilings may reduce the …

Over the past three decades, large and persistent discrepancies between the annual change in public debt and the budget … deficit, so-called stock-flow adjustments, were a prominent feature of debt dynamics in many economies. The aim of this paper … stock-flow adjustments to increases in debt is likewise smaller in countries with above average fiscal transparency. This …

withdrawal of stimulus measures and ambitious fiscal consolidation. Staff also called for streamlining fiscal rules with the debt …

primary surplus of at least 2 percent of GDP until 2021 is supporting debt reduction, stochastic simulations indicate that … further improvement in the primary balance is necessary to reliably bring the debt-to-GDP ratio to a sustainable path. Given … debt sustainability. It recommends integrating such rules into a well-designed fiscal responsibility law and establishing …