2942 0 obj <>/Filter/FlateDecode/ID[<0FFC7B6E89640B4A8C76BACFEBF48957>]/Index[2926 28]/Info 2925 0 R/Length 90/Prev 801961/Root 2927 0 R/Size 2954/Type/XRef/W[1 3 1]>>stream List of boxes, figures and tables ii Glossary iii Executive summary vi 1 Introduction . 0000015301 00000 n 1.1 Brief history of debt issues in developing countries 1 1.2 Progress under the HIPC Initiative and MDRI 2 1.3 Understanding and measuring debt sustainability 3 1.4 The current debate on debt sustainability 3 This new edition of the Debt Sustainability Monitor (DSM), by providing an update of fiscal sustainability challenges in the EU, contributes to the monitoring and coordination of euro area Member States' fiscal policies and the aggregate fiscal stance for the euro area to ensure a … 0000000016 00000 n h�bbd```b``I��k�dX�D2��Hvk� �U���`��`3)#$�3�"�`�"@�D#�_�P�d�?÷�� ~i4 0000046219 00000 n 0000039277 00000 n 0000080808 00000 n endstream endobj startxref 0000017487 00000 n 487 0 obj <> endobj The second is a structural approach based on a calibrated dynamic general equilibrium framework with a fully specified fiscal sector, which we use to quantify the positive and normative effects of fiscal policies aimed at restoring fiscal solvency in response to changes in debt. This question is usually posed as asking whether the outstanding public debt and its projected path are consistent with those of the government's revenues and expenditures (i.e. 0000009162 00000 n 0000046602 00000 n Mendoza, J. Zhang, Chapter 32 - What is a Sustainable Public Debt?, Editor(s): John B. Taylor, Harald Uhlig, Handbook of Macroeconomics, Elsevier, Volume 2, 2016, Pages 2493-2597, ISSN 1574-0048, ISBN 9780444594877, https://doi.org/10.1016/bs.hesmac.2016.03.013. 0000041338 00000 n We identify critical flaws in the traditional approach to evaluate debt sustainability, and examine three alternative approaches that provide useful econometric and model-simulation tools to analyze debt sustainability. D'Erasmo and Mendoza also acknowledge the generous support of the National Science Foundation under awards 1325122 and 1324740. sustainability meaning: 1. the quality of being able to continue over a period of time: 2. the quality of causing little…. 0000017108 00000 n The extent to which individual responses to household surveys are protected from discovery by outside parties depends... © 2020 National Bureau of Economic Research. 0000004461 00000 n Learn more. All Rights Reserved. 0000016238 00000 n 0000004347 00000 n whether fiscal solvency conditions hold). <<3BE2E54DAE16B344B0AD64CC757173EB>]/Prev 225839/XRefStm 2141>> The 2020 Martin Feldstein Lecture: Journey Across a Century of Women, Summer Institute 2020 Methods Lectures: Differential Privacy for Economists, The Bulletin on Retirement and Disability, Productivity, Innovation, and Entrepreneurship, Conference on Econometrics and Mathematical Economics, Conference on Research in Income and Wealth, Improving Health Outcomes for an Aging Population, Measuring the Clinical and Economic Outcomes Associated with Delivery Systems, Retirement and Disability Research Center, The Roybal Center for Behavior Change in Health, Training Program in Aging and Health Economics, Transportation Economics in the 21st Century. This paper was prepared for Volume 2 of the Handbook of Macroeconomics. Contents . ��c2n�]��Q�O. What is sustainability and how can you create a more sustainable business strategy? Learn more. 0000039158 00000 n debt can put fiscal sustainability at risk even before considering the long-term expenditure trends influenced by population ageing. However, there was a vicious cycle of recession and austerity: each round of austerity measures led to a deeper recession, which increased the debt-to-GDP ratio and therefore undermined the goal of debt sustainability, leading to another round of austerity. 0000012758 00000 n 0000006179 00000 n 0000015741 00000 n 0000003110 00000 n 1. 0 0000008018 00000 n %PDF-1.6 %���� We are also grateful to Juan Hernandez, Christian Probsting and Valentina Piamiotti for their valuable research assistance. This question is usually posed as asking whether the outstanding public debt and its projected path are consistent with those of the government's revenues and expenditures (i.e.
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