As Europe proceeds towards economic and monetary union, fiscal
convergence and the prospect of a common money are at the centre of
discussion. This volume from the Centre for Economic Policy
Research brings together theoretical, applied and historical
research on the management of public debt and its implications for
financial stability. Gale fills a gap in the literature, using a
consistent framework to investigate the welfare economics of public
debt, while Calvo and Guidotti analyse the trade-off between
indexation and maturity when it comes to minimizing debt service.
Confidence crises have become relevant again in view of the high
debt ratios in countries such as Belgium, Italy and Ireland.
Alesina, Prati and Tabellini develop a formal model of the
propagation of a debt run and use it to interpret Italian debt
panics. Giavazzi and Pagano concentrate on how inappropriate debt
management can precipitate a run on the currency while Makinen and
Woodward review a broad sweep of historical experience.
目錄:
List of figures
List of tables
Preface
List of conference participants
1. Introduction Rudiger Dornbusch and Mario Draghi
2. The efficient design of public debt Douglas Gale
Discussion Olivier Jean Blanchard
3. Indexation and maturity of government bonds: an exploratory
model Guillermo A. Calvo and Pablo E. Guidotti
Discussion William H. Branson and Allen Drazen
4. Public confidence and debt management: a model and a case study
of Italy Alberto Alesina, Alessandro Pratti and Guido
Tabellini
Discussion Mario Draghi and Lars E. O. Svensson
5. Confidence crises and public debt management Francesco Giavazzi
and Marco Pagano
Discussion Enrica Detragiache and Maurice Obstfeld
6. Funding crises in the aftermath of World War I Gail E. Makinen
and G. Thomas Woodward
Discussion Alberto Giovannini and Andrea Ripa Di Meana
7. The capital levy in theory and practice Barry Eichengreen
8. Episodes in the public debt history of the United States E. Cary
Brown
Discussion Barry P. Bosworth and Giampaolo Galli
9. The Italian national debt conversion of 1906 Marcello de
Cecco
Discussion Richard Portes and Ignazio Visco
10. Fear of deficit financing - is it rational? Marcus Miller,
Robert Skidelsky and Paul Weller
Discussion Giuseppe Bertola
11. Government domestic debt and the risk of default: a
political-economic model of the strategic role of debt Philippe
Aghion and Patrick Bolton
Discussion Jean-Pierre Danthine and Pietro Reichlin
Index.