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　　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.

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.

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书籍介绍

This book from the Centre for Economic Policy Research collects theoretical, applied and historical research on the welfare economics of public debt; how inappropriate debt management can lead to funding crises; capital levies; debt consolidation; U.S. public debt history; political influences on debt accumulation; trade-offs between indexation and maturity; and confidence effects in a stochastic rational expectations framework.