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Electoral and Partisan Manipulation of Public Debtin Developed Democracies

High and/or swiftly rising public-debt-to-GDP ratios (debt) became significant issues in many developed democracies in recent years. Figure 1 plots gross, consolidated, central-government debt for 21 OECD countries, 1948–97.39 Fairly commonly, debt declined dramatically from 1948–72± and equally dramatically reversed thereafter. In many countries, debt doubled or more from 1972–90; in some, it now exceeds…

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The Politics of Public Debt Neoliberalism, Capitalist Development, and the Restructuring of the State

Rising public debt has been widespread in democratic-capitalist political economies since the 1970s, generally accompanied among other things by weak economic growth, rising unemployment, increasing inequality, growing tax resistance, and declining po-litical participation. Following an initial period of fiscal consolidation in the 1990s, public debt took an unprecedented leap in response to the Great Recession.…

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Public Debt management in Brazil

This paper derives the optimal composition of the Brazilian public debt by looking at the relativeimpact of the risk and cost of alternative debt instruments on the probability of missing thestabilization target. This allows to price risk against the expected cost of debt service and thus to findthe optimal combination along the trade off between…

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