A dive into the origins, management, and uses and misuses of sovereign debt through the
ages. Public debts have exploded to levels unprecedented in modern history as …

This paper surveys the literature on sovereign debt from the perspective of understanding
how sovereign debt differs from privately issue debt, and why sovereign debt is deemed safe …

Modern theories of rational decision-making distinguish between certainty, risk and
uncertainty. When the consequences of action cannot be calculated, decision-makers …

Governments that preside over a capable state apparatus can better uphold the rule of law,
ensure democratic accountability, stimulate economic development, and provide good …

We consider public debt from a long-term historical perspective, showing how the purposes
for which governments borrow have evolved over time. Periods when debt-to-GDP ratios …

How do domestic and global factors shape governments' capacity to issue debt in primary
capital markets? Consistent with the 'democratic advantage', we identify domestic …

The financial difficulties experienced by Greece since 2009 serve as a reminder that
countries (ie, sovereigns) may default on their debt. Many observers considered the financial …

In the nineteenth century, many developing countries turned to the credit houses of Europe
for sovereign loans to balance their books and weather major fiscal shocks such as war …

A sovereign's inability to commit to a course of action regarding future borrowing and default
behavior makes long-term debt costly (the problem of debt dilution). One mechanism to …

This paper offers a historical perspective on the evolution of central banks as lenders of last
resort (LOLR). Countries differ in the statutory powers of the LOLR, which is the outcome of a …