751:
42:
694:
794:
721:. For example, in the 17th and 18th centuries England established a parliament that included creditors, as part of a larger coalition, whose authorization had to be secured for the country to borrow or raise taxes. This institution improved England's ability to borrow because lenders were more willing to hold the debt of a state with democratic institutions that would support debt repayment, versus a state where the monarch could not be compelled to repay debt.
983:, but they are not included in government debt because they are not contractual obligations. Indeed, it is not uncommon for governments to change unilaterally the benefit structure of social security schemes, for example (e.g., by changing the circumstances under which the benefits become payable, or the amount of the benefit). In the U.S. and in many countries, there is no money earmarked for future social insurance payments — the system is called a
539:
430:
3550:
847:
financing because with debt financing individuals will anticipate the future taxes needed to repay the debt, and so increase their saving and bequests by the amount of government debt. Such higher individual saving means, for example, that private consumption falls one-for-one with the rise in government debt, so the interest rate would not rise and private investment is not crowded out.
813:
World Bank Group report that analyzed debt levels of 100 developed and developing countries from 1980 to 2008 found that debt-to-GDP ratios above 77% for developed countries (64% for developing countries) reduced future annual economic growth by 0.017 (0.02 for developing countries) percentage points for each percentage point of debt above the threshold.
1727:
threshold, each additional percentage point of debt costs 0.017 percentage points of annual real growth. The effect is even more pronounced in emerging markets where the threshold is 64 percent debt-to-GDP ratio. In these countries, the loss in annual real growth with each additional percentage point in public debt amounts to 0.02 percentage points.
573:
debt because the level of government responsible for programs (for example, health care) differs across countries and the general government comprises central, state, provincial, regional, local governments, and social security funds. The debt of public corporations (such as post offices that provide
846:
proposition, is that government debt has no impact on the economy if individuals are altruistic and internalize the impact of the debt on future generations. According to this proposition, while the quantity of government purchases affects the economy, debt financing will have the same impact as tax
648:
An important reason governments borrow is to act as an economic "shock absorber". For example, deficit financing can be used to maintain government services during a recession when tax revenues fall and expenses rise (for unemployment benefits, say). Government debt created to cover costs from major
812:
Government debt accumulation may lead to a rising interest rate, which can crowd out private investment as governments compete with private firms for limited investment funds. Some evidence suggests growth rates are lower for countries with government debt greater than around 80 percent of GDP. A
784:
In 2018, global government debt reached the equivalent of $ 66 trillion, or about 80% of global GDP, and by 2020, global government debt reached $ 87US trillion, or 99% of global GDP. The COVID-19 pandemic caused public debt to soar in 2020, particularly in advanced economies that put in place
780:
In 1900, the country with the most total debt was France (ÂŁ1,086,215,525), followed by Russia (ÂŁ656,000,000) then the United
Kingdom (ÂŁ628,978,782); on a per-capita basis, the highest-debt countries were New Zealand (ÂŁ58 12s. per person), the Australian colonies (ÂŁ52 13s.) and Portugal (ÂŁ35).
1726:
The present study addresses these questions with the help of threshold estimations based on a yearly dataset of 101 developing and developed economies spanning a time period from 1980 to 2008. The estimations establish a threshold of 77 percent public debt-to-GDP ratio. If debt is above this
954:
for foreign lenders, but that means the borrowing government then bears the exchange rate risk. Also, by issuing debt in foreign currency, a country cannot erode the value of the debt by means of inflation. Almost 70% of all debt in a sample of developing countries from 1979 through 2006 was
724:
As public debt came to be recognized as a safe and liquid investment, it could be used as collateral for private loans. This created a complementarity between the development of public debt markets and private financial markets. Government borrowing to finance public goods, such as urban
949:
While U.S. Treasury bonds denominated in U.S. dollars may be considered risk-free to an
American purchaser, a foreign investor bears the risk of a fall in the value of the U.S. dollar relative to their home currency. A government can issue debt in foreign currency to eliminate
746:
had suspended payments on his bills. From then on, the
British Government would never fail to repay its creditors. In the following centuries, other countries in Europe and later around the world adopted similar financial institutions to manage their government debt.
1778:
The debt-to-GDP ratio is considered a good guide to a country's ability to pay off its debts. The World Bank has calculated that 77 percent public debt-to-GDP is about the highest a developed country should have before debt begins to hamper economic
1542:
904:, one proposed solution was for Greece to leave the eurozone and go back to issuing the drachma (although this would have addressed only future debt issuance, leaving substantial existing debt denominated in what would then be a foreign currency).
907:
Debt of a sub-national government is generally viewed as less risky for a lender if it is explicitly or implicitly guaranteed by a regional or national level of government. When New York City declined into what would have been bankrupt status
499:(GDP). Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s. The rise in government debt since 2007 is largely attributable to stimulus measures during the
824:. As firms sell assets to pay off debt, asset prices fall which risks an even greater fall in incomes, further depressing tax revenue and requiring governments to drastically cut government services. Examples of debt crises include the
1008:
required EU Member
Countries to publish their debt information in standardized methodology, explicitly including debts that were previously hidden in a number of ways to satisfy minimum requirements on local (national) and European
488:. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's
597:, which is gross debt minus financial assets in the form of debt instruments. Net debt estimates are not always available since some government assets may be difficult to value, such as loans made at concessional rates.
916:
came from New York State and the United States national government. U.S. state and local government debt is substantial — in 2016 their debt amounted to $ 3 trillion, plus another $ 5 trillion in unfunded liabilities.
975:
contingent liabilities include ensuring the payment of future social security pension benefits, covering the obligations of subnational governments in the event of a default, and spending for natural disaster relief.
664:
While government borrowing may be desirable at times, a "deficits bias" can arise when there is disagreement among groups in society over government spending. To counter deficit bias, many countries have adopted
820:, where a country is unable to make payments on its debt, and it cannot borrow more. Crises can be costly, particularly if a debt crisis is combined with a financial/banking crisis which leads to economy-wide
635:
measures the value of goods and services produced by an economy during a period (usually a year). As well, debt measured as a percentage of GDP facilitates comparisons across countries of different size. The
1156:
832:. To help avoid a crisis, governments may want to maintain a "fiscal breathing space". Historical experience shows that room to double the level of government debt when needed is an approximate guide.
839:
This is because the beneficiaries of the government's expenditure on goods and services when the debt is created typically differ from the individuals responsible for repaying the debt in the future.
1957:
925:
A country that issues its own currency may be at low risk of default in local currency, but if a central bank provides finance by buying government bonds (sometimes referred to as
661:. In the absence of debt financing, when revenues decline during a downturn, a government would need to raise taxes or reduce spending, which would exacerbate the negative event.
896:. However, not all governments issue their own currency. Examples include sub-national governments, like municipal, provincial, and state governments; and countries in the
732:
Written records point to public borrowing as long as two thousand years ago when Greek city-states such as
Syracuse borrowed from their citizens. But the founding of the
2064:
3387:
562:
is a financial claim that requires payment of interest and/or principal by the debtor to the creditor in the future. Examples include debt securities (such as
1977:
1952:
3299:
1397:
1443:
1761:
773:, British government debt reached a peak of more than 200% of GDP, nearly 887 million pounds sterling. The debt was paid off over 90 years by running
1996:
971:
contingent liability is a public sector loan guarantee, where the government is required to make payments only if the debtor defaults. Examples of
620:
is useful for a debt-issuing government, as it is the amount that the debtor owes to the creditor. If market and nominal values are not available,
866:
Historically, there have been many cases where governments have defaulted on their debts, including Spain in the 16th and 17th centuries, which
1626:
879:
2015:
3093:
2668:
2085:
1611:
3098:
997:
is facing a $ 13 trillion unfunded liability over the same time frame. Neither of these amounts are included in the U.S. gross general
2150:
979:
Explicit contingent liabilities and net implicit social security obligations should be included as memorandum items to a government's
484:) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past
459:
3433:
909:
674:
3123:
1415:
1368:
934:
1161:
3255:
1529:"Consolidated version of the Treaty on European Union – PROTOCOLS – Protocol (No 12) on the excessive deficit procedure"
1460:
2099:
1151:
1146:
1117:
998:
989:
scheme. According to the 2018 annual reports from the trustees for the U.S. Social
Security and Medicare trust funds,
2991:
2184:
1567:
1102:
774:
593:
of the general government sector is the total liabilities that are debt instruments. An alternative debt measure is
3493:
2661:
2189:
835:
Government debt is built up by borrowing when expenditure exceeds revenue, so government debt generally creates an
762:
2160:
Slaying the Dragon of Debt, Regional Oral
History Office, The Bancroft Library, University of California, Berkeley
586:), which describes recommended methodologies for compiling debt statistics to ensure international comparability.
994:
3428:
3073:
2415:
2265:
640:
views the general government debt-to-GDP ratio as a key indicator of the sustainability of government finance.
1324:
871:
967:, which are obligations that do not arise unless a particular event occurs in the future. An example of an
901:
829:
452:
3468:
3006:
2860:
2654:
738:
575:
17:
2238:
3324:
3265:
3087:
2548:
1493:
Alesina, Alberto; Tabellini, Guido (1990). "A Positive Theory of Fiscal
Deficits and Government Debt".
1107:
825:
2212:
495:
In 2020, the value of government debt worldwide was $ 87.4 US trillion, or 99% measured as a share of
3369:
3180:
1043:
1010:
682:
666:
147:
1746:
1682:
1241:
3575:
3488:
3483:
990:
3438:
3138:
3108:
3083:
2966:
2807:
2739:
2584:
2495:
1053:
445:
1910:
1697:
1582:
3580:
3235:
3220:
3185:
3128:
2399:
2039:
867:
574:
goods or services on a market basis) is not included in general government debt, following the
496:
359:
1792:
3448:
3215:
3113:
2792:
2589:
2165:
A historical collection of documents on or referring to government spending and fiscal policy
2159:
1733:
1669:
1605:
843:
743:
2147:
2132:
3402:
3359:
3349:
3339:
3334:
3060:
3001:
2936:
2890:
2885:
2759:
2719:
2686:
2410:
2390:
1281:
1112:
1058:
670:
8:
3407:
3195:
3118:
2941:
2523:
2065:"The financial hole for Social Security and Medicare is even deeper than the experts say"
1766:
1136:
1048:
1005:
797:
649:
shock events can be particularly beneficial. Such events would include a major war, like
339:
204:
167:
58:
2127:
1262:
41:
3458:
3443:
3412:
3397:
3364:
3230:
3021:
2986:
2749:
2714:
2677:
2470:
2405:
2385:
2258:
2179:
2175:
1846:
1826:
1657:
1510:
1141:
875:
693:
654:
504:
485:
364:
334:
288:
226:
162:
2148:
United States
Treasury, Bureau of Public Debt – The Debt to the Penny and Who Holds It
1865:
1528:
1357:
Eichengreen, Barry J.; El-Ganainy, Asmaa; Esteves, Rui; Mitchener, Kris James (2021).
892:, it is sometimes considered risk free because the debt and interest can be repaid by
3463:
3453:
3392:
3379:
3354:
3240:
3026:
2822:
2615:
2490:
2350:
2194:
1850:
1661:
1563:
1411:
1399:
Public Debt and the Birth of the
Democratic State: France and Great Britain 1688–1789
1364:
1078:
926:
714:
628:
523:
429:
410:
318:
266:
123:
78:
73:
2016:"Fed analysis warns of 'economic ruin' when governments print money to pay off debt"
1474:
Alesina, Alberto; Drazen, Allan (December 1991). "Why Are Stabilizations Delayed?".
669:
or restrictions on government debt. Examples include the "debt anchor" in Sweden; a
3344:
3283:
3278:
3260:
3190:
2956:
2951:
2923:
2875:
2754:
2694:
1871:
1838:
1807:
1709:
1701:
1649:
1502:
1403:
1083:
283:
273:
172:
152:
128:
1811:
793:
685:
agreement to maintain a general government gross debt of no more than 60% of GDP.
3554:
3524:
3473:
3309:
3304:
3250:
3160:
3068:
3041:
2981:
2976:
2946:
2895:
2880:
2797:
2777:
2635:
2553:
2460:
2455:
2430:
2307:
2154:
1557:
1393:
1358:
1192:
1186:
1033:
770:
733:
726:
718:
702:
658:
527:
511:
500:
415:
392:
387:
382:
349:
313:
211:
192:
98:
63:
2142:
1300:
3529:
3514:
3314:
3225:
3175:
3152:
3133:
2961:
2903:
2870:
2865:
2845:
2769:
2568:
2538:
2518:
2420:
2360:
2312:
2297:
2289:
1978:"Why leaving the euro would still be bad for both Greece and the currency area"
1762:"Mnuchin's claim that the pre-pandemic economy 'would pay down debt over time'"
1131:
1068:
1038:
937:
when the government used money creation to pay off the national debt following
893:
882:
706:
678:
563:
515:
308:
248:
236:
33:
985:
3569:
3509:
3478:
3319:
3245:
3205:
3200:
3036:
2908:
2855:
2850:
2832:
2729:
2709:
2630:
2598:
2594:
2513:
2330:
2251:
2171:
1982:
1600:
1407:
1063:
980:
805:
758:
736:
in 1694 revolutionised public finance and put an end to defaults such as the
489:
293:
243:
221:
216:
199:
140:
116:
93:
83:
68:
51:
3329:
3103:
3031:
3011:
2971:
2840:
2812:
2802:
2744:
2563:
2558:
2543:
2533:
2485:
2465:
2437:
1705:
821:
650:
433:
253:
231:
157:
88:
2206:
2198:
1645:
1627:"Government debt hits record $ 66 trillion, 80% of global GDP, Fitch says"
777:(that is, revenues were greater than spending after payment of interest).
3210:
3078:
3049:
3045:
2996:
2787:
2782:
2602:
2505:
2480:
2395:
2345:
2202:
2164:
2069:
1653:
1028:
993:
is facing a $ 37 trillion unfunded liability over the next 75 years, and
938:
861:
817:
750:
624:(the undiscounted amount of principal to be repaid at maturity) is used.
616:, the value at which the asset could be exchanged for cash. However, the
354:
1615:. Vol. 19 (11th ed.). Cambridge University Press. p. 269.
3534:
3170:
3165:
2931:
2817:
2620:
2450:
2380:
2340:
2086:"The U.S. national debt is rising by $ 1 trillion about every 100 days"
1514:
1166:
1073:
889:
558:
sector that is in the form of liabilities that are debt instruments. A
303:
278:
179:
103:
1714:
538:
2724:
2646:
2475:
2302:
1356:
930:
710:
519:
1604:
1506:
3294:
3016:
2913:
2734:
2625:
2445:
2239:
CLYPS dataset on public debt level and composition in Latin America
1842:
1696:
Grennes, Thomas; Caner, Mehmet; Koehler-Geib, Fritzi (2013-06-22).
1323:
Gaspar, Vitor; Medas, Paulo; Perrelli, Roberto (15 December 2021).
897:
913:
1937:
M. Nicolas J. Firzli, "Greece and the Roots the EU Debt Crisis"
816:
Excessive debt levels may make governments more vulnerable to a
566:
and bills), loans, and government employee pension obligations.
3549:
2335:
298:
2355:
842:
An alternative view of government debt, sometimes called the
1953:"EU accused of 'head in sand' attitude to Greek debt crisis"
1698:"Finding the Tipping Point -- when Sovereign Debt Turns Bad"
1461:"IMF Podcasts, Barry Eichengreen: In Defense of Public Debt"
701:
The ability of government to issue debt has been central to
510:
The ability of government to issue debt has been central to
2322:
2274:
2122:
1793:"Solving the Financial and Sovereign Debt Crisis in Europe"
1239:
637:
1896:
The Economics of Money, Banking, and the Financial Markets
1157:
List of countries by net international investment position
27:
Total amount of debt owed to lenders by a government/state
1301:"External Debt Statistics: Guide for Compilers and Users"
1088:
801:
643:
632:
543:
1837:(2). The University of Chicago Press Journals: 337–342.
1695:
1441:
2243:
1298:
958:
2137:
1559:
The Ascent of Money: A Financial History of the World
1543:"Applying the rules of the stability and growth pact"
1444:"What governs the size of central government debt?"
1322:
2040:"Empirical Research on Sovereign Debt and Default"
1951:
1700:. Policy Research Working Papers. The World Bank.
1352:
1350:
1348:
1346:
1344:
1342:
1340:
1338:
765:, with William Pitt handing him another moneybag.
697:The sealing of the Bank of England Charter (1694)
3567:
2138:Riksgäldskontoret – Swedish national debt office
1790:
1492:
1463:. International Monetary Fund. 21 December 2021.
1388:
1386:
1384:
1382:
1380:
888:If government debt is issued in a country's own
725:infrastructure, has been associated with modern
1644:de Rugy, Veronique; Salmon, Jack (April 2020).
1576:
1555:
1335:
1870:Encyclopedia of Russian History (reprinted in
1482:(5). American Economic Association: 1170–1188.
1455:
1453:
542:Total (gross) government debt as a percent of
2662:
2259:
1643:
1473:
1377:
1325:"Global Debt Reaches a Record $ 226 Trillion"
878:; and revolutionary Russia after 1917, which
788:
709:. Public debt has been linked to the rise of
550:Government debt is typically measured as the
518:. Public debt has been linked to the rise of
453:
1827:"Barro on the Ricardian Equivalence Theorem"
1648:. Mercatus Center: George Mason University.
657:; or a severe economic downturn as with the
533:
1450:
1242:"Government Finance Statistics Manual 2014"
935:Weimar Germany suffered from hyperinflation
569:International comparisons usually focus on
2669:
2655:
2266:
2252:
460:
446:
40:
1713:
1595:
1593:
1591:
1392:
631:is an indicator of its debt burden since
580:Government Finance Statistics Manual 2014
2123:The IMF Public Financial Management Blog
2062:
1824:
1599:
1318:
1316:
1314:
1312:
1310:
855:
792:
749:
692:
537:
3494:Power reverse dual-currency note (PRDC)
3434:Constant proportion portfolio insurance
1911:"The Bank of England's Monetary Policy"
1863:
1759:
1689:
1256:
1254:
1235:
1233:
1231:
1229:
1227:
1225:
1223:
1221:
14:
3568:
2676:
2170:
1646:"Debt and Growth: A Decade of Studies"
1588:
1437:
1435:
1433:
1431:
1429:
1427:
1219:
1217:
1215:
1213:
1211:
1209:
1207:
1205:
1203:
1201:
874:, whose debt was not repaid after the
688:
644:Causes of government debt accumulation
2650:
2247:
2100:"Council Regulation (EC) No 479/2009"
1800:OECD Journal: Financial Market Trends
1562:. Penguin Books, London. p. 76.
1307:
1279:
1260:
944:
653:; a public health emergency like the
3429:Collateralized debt obligation (CDO)
2416:Debtor-in-possession (DIP) financing
2063:Capretta, James C. (June 16, 2018).
1753:
1637:
1273:
1251:
1240:International Monetary Fund (2014).
1162:List of countries by government debt
880:refused to accept responsibility for
2083:
2013:
1908:
1893:
1424:
1198:
1001:, which in 2024 was $ 34 trillion.
959:Implicit and contingent liabilities
933:. In an extreme case, in the 1920s
24:
2045:. Federal Reserve Board of Chicago
1486:
1467:
1152:List of countries by external debt
1147:List of countries by credit rating
1118:National debt of the United States
755:A new way to pay the National Debt
319:Trade / commerce ministry
25:
3592:
2185:Concise Encyclopedia of Economics
2116:
1791:Blundell-Wignall, Adrian (2012).
1103:1980s austerity policy in Romania
920:
3548:
2190:Library of Economics and Liberty
428:
2133:Japan's Central Government Debt
2128:OECD government debt statistics
2092:
2084:Fox, Michelle (March 1, 2024).
2077:
2056:
2032:
2007:
1989:
1971:
1960:from the original on 2022-01-12
1944:
1931:
1902:
1887:
1857:
1818:
1784:
1619:
1549:
1535:
1521:
830:Argentina's debt crisis in 2001
627:A country's general government
3256:Year-on-year inflation-indexed
2213:"Government's Borrowing Power"
1918:Federal Reserve Bank of Boston
1442:Swedish National Debt Office.
1402:. Cambridge University Press.
1292:
1263:"OECD General government debt"
1180:
612:says debt should be valued at
13:
1:
3266:Zero-coupon inflation-indexed
1812:10.1787/fmt-2011-5k9cswmzsdwj
1760:Kessler, Glenn (2020-09-09).
1299:International Monetary Fund.
1173:
955:denominated in U.S. dollars.
872:Confederate States of America
868:nullified its government debt
1831:Journal of Political Economy
1476:The American Economic Review
1282:"General government deficit"
902:Greek government-debt crisis
7:
3469:Foreign exchange derivative
2861:Callable bull/bear contract
1825:Buchanan, James M. (1976).
1363:. Oxford University Press.
1016:
837:intergenerational transfer.
769:In 1815, at the end of the
739:Great Stop of the Exchequer
576:International Monetary Fund
10:
3597:
1495:Review of Economic Studies
1108:Latin American debt crisis
929:), this can lead to price
859:
826:Latin American debt crisis
789:Impacts of government debt
785:sweeping fiscal measures.
148:Deficit / surplus
3543:
3502:
3421:
3378:
3370:Stock market index future
3274:
3151:
3059:
2922:
2831:
2768:
2702:
2693:
2684:
2611:
2577:
2504:
2429:
2373:
2321:
2288:
2281:
1360:In Defense of Public Debt
1044:Government budget deficit
1011:Stability and Growth Pact
683:Stability and Growth Pact
608:. As a general rule, the
534:Measuring government debt
249:Monetary (currency) union
3489:Mortgage-backed security
3484:Interest rate derivative
3459:Equity-linked note (ELN)
3444:Credit-linked note (CLN)
2273:
2014:Cox, Jeff (2019-11-25).
1864:Hedlund, Stefan (2004).
1585:Retrieved September 2011
1556:Ferguson, Niall (2008).
1408:10.1017/cbo9780511510557
828:of the early 1980s, and
775:primary budget surpluses
600:Debt can be measured at
3439:Contract for difference
2740:Risk-free interest rate
2585:Consumer leverage ratio
2496:Tax refund interception
1612:Encyclopædia Britannica
1054:Generational accounting
850:
671:"debt brake" in Germany
3221:Forward Rate Agreement
2143:What is Sovereign Debt
1997:"Debt Myths, Debunked"
1741:Cite journal requires
1706:10.1596/1813-9450-5391
1677:Cite journal requires
965:contingent liabilities
963:Most governments have
809:
766:
698:
547:
497:gross domestic product
360:Discretionary spending
3449:Credit default option
2793:Employee stock option
2590:Debt levels and flows
2167:, available on FRASER
1606:"National Debt"
856:Credit (Default) risk
844:Ricardian equivalence
796:
753:
696:
667:balanced budget rules
541:
3403:Inflation derivative
3388:Commodity derivative
3360:Single-stock futures
3350:Normal backwardation
3340:Interest rate future
3181:Conditional variance
2687:Derivative (finance)
2411:Debt snowball method
1654:10.2139/ssrn.3690510
1142:Warrant (of Payment)
1113:European debt crisis
1059:Financial repression
3555:Business portal
3408:Property derivative
2003:. December 1, 2016.
1956:. Telegraph.co.uk.
1909:Tootell, Geoffrey.
1894:Mishkin, Frederic.
1767:The Washington Post
1189: –
1137:Credit default swap
1049:Government spending
1022:Government finance:
1006:European Commission
870:several times; the
798:National Debt Clock
689:Historic benchmarks
486:government deficits
3413:Weather derivative
3398:Freight derivative
3380:Exotic derivatives
3300:Commodities future
2987:Intermarket spread
2750:Synthetic position
2678:Derivatives market
2180:David R. Henderson
2153:2011-04-18 at the
1980: –
1633:. 23 January 2019.
1583:UK public spending
952:exchange rate risk
945:Exchange rate risk
876:American Civil War
810:
767:
699:
655:COVID-19 recession
571:general government
556:general government
548:
505:COVID-19 recession
472:A country's gross
365:Mandatory spending
289:Non-tariff barrier
227:Monetary authority
3563:
3562:
3464:Equity derivative
3454:Credit derivative
3422:Other derivatives
3393:Energy derivative
3355:Perpetual futures
3236:Overnight indexed
3186:Constant maturity
3147:
3146:
3094:Finite difference
3027:Protective option
2644:
2643:
2491:Strategic default
2456:Collection agency
2369:
2368:
2351:Predatory lending
1939:The Vienna Review
1417:978-0-521-80967-2
1370:978-0-19-757792-9
1303:. pp. 41–43.
1079:Sovereign default
927:debt monetization
883:Imperial Russia's
715:financial markets
629:debt-to-GDP ratio
524:financial markets
470:
469:
411:Fiscal adjustment
16:(Redirected from
3588:
3553:
3552:
3325:Forwards pricing
3099:Garman–Kohlhagen
2700:
2699:
2671:
2664:
2657:
2648:
2647:
2336:Consumer lending
2286:
2285:
2268:
2261:
2254:
2245:
2244:
2228:
2226:
2224:
2193:
2188:(1st ed.).
2110:
2109:
2107:
2106:
2096:
2090:
2089:
2081:
2075:
2074:
2060:
2054:
2053:
2051:
2050:
2044:
2036:
2030:
2029:
2027:
2026:
2011:
2005:
2004:
1993:
1987:
1975:
1969:
1968:
1966:
1965:
1955:
1948:
1942:
1935:
1929:
1928:
1926:
1924:
1915:
1906:
1900:
1899:
1891:
1885:
1884:
1882:
1880:
1872:Encyclopedia.com
1861:
1855:
1854:
1822:
1816:
1815:
1797:
1788:
1782:
1781:
1775:
1774:
1757:
1751:
1750:
1744:
1739:
1737:
1729:
1723:
1722:
1717:
1693:
1687:
1686:
1680:
1675:
1673:
1665:
1641:
1635:
1634:
1623:
1617:
1616:
1608:
1597:
1586:
1580:
1574:
1573:
1553:
1547:
1546:
1539:
1533:
1532:
1525:
1519:
1518:
1490:
1484:
1483:
1471:
1465:
1464:
1457:
1448:
1447:
1439:
1422:
1421:
1394:Stasavage, David
1390:
1375:
1374:
1354:
1333:
1332:
1320:
1305:
1304:
1296:
1290:
1289:
1277:
1271:
1270:
1258:
1249:
1248:
1246:
1237:
1196:
1184:
1084:Sovereign credit
910:during the 1970s
808:, April 20, 2012
462:
455:
448:
432:
284:Gains from trade
274:Balance of trade
153:Finance ministry
44:
30:
29:
21:
3596:
3595:
3591:
3590:
3589:
3587:
3586:
3585:
3576:Government debt
3566:
3565:
3564:
3559:
3547:
3539:
3525:Great Recession
3520:Government debt
3498:
3474:Fund derivative
3417:
3374:
3335:Futures pricing
3310:Dividend future
3305:Currency future
3288:
3270:
3143:
3119:Put–call parity
3055:
3042:Vertical spread
2977:Diagonal spread
2947:Calendar spread
2918:
2827:
2764:
2689:
2680:
2675:
2645:
2640:
2636:Promissory note
2607:
2573:
2554:Deposit account
2500:
2471:Debtors' prison
2425:
2391:Management plan
2365:
2317:
2277:
2272:
2222:
2220:
2211:
2155:Wayback Machine
2119:
2114:
2113:
2104:
2102:
2098:
2097:
2093:
2082:
2078:
2061:
2057:
2048:
2046:
2042:
2038:
2037:
2033:
2024:
2022:
2012:
2008:
1995:
1994:
1990:
1976:
1972:
1963:
1961:
1950:
1949:
1945:
1936:
1932:
1922:
1920:
1913:
1907:
1903:
1892:
1888:
1878:
1876:
1862:
1858:
1823:
1819:
1795:
1789:
1785:
1772:
1770:
1758:
1754:
1742:
1740:
1731:
1730:
1720:
1718:
1694:
1690:
1678:
1676:
1667:
1666:
1642:
1638:
1625:
1624:
1620:
1598:
1589:
1581:
1577:
1570:
1554:
1550:
1541:
1540:
1536:
1527:
1526:
1522:
1507:10.2307/2298021
1491:
1487:
1472:
1468:
1459:
1458:
1451:
1440:
1425:
1418:
1391:
1378:
1371:
1355:
1336:
1321:
1308:
1297:
1293:
1278:
1274:
1259:
1252:
1244:
1238:
1199:
1193:Financial Times
1185:
1181:
1176:
1171:
1122:
1093:
1034:Government bond
1019:
999:government debt
995:Social Security
961:
947:
923:
864:
858:
853:
791:
771:Napoleonic Wars
763:King George III
734:Bank of England
727:economic growth
719:economic growth
703:state formation
691:
659:Great Recession
646:
560:debt instrument
536:
528:economic growth
512:state formation
501:Great Recession
474:government debt
466:
421:
420:
416:Monetary reform
406:
398:
397:
393:Price stability
388:Economic growth
383:Balanced budget
378:
370:
369:
350:Non-tax revenue
345:
344:
324:
323:
314:Trade diversion
269:
259:
258:
212:Discount window
195:
193:Monetary policy
185:
184:
119:
109:
108:
54:
28:
23:
22:
15:
12:
11:
5:
3594:
3584:
3583:
3578:
3561:
3560:
3558:
3557:
3544:
3541:
3540:
3538:
3537:
3532:
3530:Municipal debt
3527:
3522:
3517:
3515:Corporate debt
3512:
3506:
3504:
3500:
3499:
3497:
3496:
3491:
3486:
3481:
3476:
3471:
3466:
3461:
3456:
3451:
3446:
3441:
3436:
3431:
3425:
3423:
3419:
3418:
3416:
3415:
3410:
3405:
3400:
3395:
3390:
3384:
3382:
3376:
3375:
3373:
3372:
3367:
3362:
3357:
3352:
3347:
3342:
3337:
3332:
3327:
3322:
3317:
3315:Forward market
3312:
3307:
3302:
3297:
3291:
3289:
3287:
3286:
3281:
3275:
3272:
3271:
3269:
3268:
3263:
3258:
3253:
3248:
3243:
3238:
3233:
3228:
3223:
3218:
3213:
3208:
3203:
3198:
3196:Credit default
3193:
3188:
3183:
3178:
3173:
3168:
3163:
3157:
3155:
3149:
3148:
3145:
3144:
3142:
3141:
3136:
3131:
3126:
3121:
3116:
3111:
3106:
3101:
3096:
3091:
3081:
3076:
3071:
3065:
3063:
3057:
3056:
3054:
3053:
3039:
3034:
3029:
3024:
3019:
3014:
3009:
3004:
2999:
2994:
2992:Iron butterfly
2989:
2984:
2979:
2974:
2969:
2964:
2962:Covered option
2959:
2954:
2949:
2944:
2939:
2934:
2928:
2926:
2920:
2919:
2917:
2916:
2911:
2906:
2901:
2900:Mountain range
2898:
2893:
2888:
2883:
2878:
2873:
2868:
2863:
2858:
2853:
2848:
2843:
2837:
2835:
2829:
2828:
2826:
2825:
2820:
2815:
2810:
2805:
2800:
2795:
2790:
2785:
2780:
2774:
2772:
2766:
2765:
2763:
2762:
2757:
2752:
2747:
2742:
2737:
2732:
2727:
2722:
2717:
2712:
2706:
2704:
2697:
2691:
2690:
2685:
2682:
2681:
2674:
2673:
2666:
2659:
2651:
2642:
2641:
2639:
2638:
2633:
2628:
2623:
2618:
2612:
2609:
2608:
2606:
2605:
2592:
2587:
2581:
2579:
2575:
2574:
2572:
2571:
2569:Securitization
2566:
2561:
2556:
2551:
2546:
2541:
2536:
2531:
2526:
2521:
2516:
2510:
2508:
2502:
2501:
2499:
2498:
2493:
2488:
2483:
2478:
2473:
2468:
2463:
2458:
2453:
2448:
2442:
2440:
2427:
2426:
2424:
2423:
2421:Loan guarantee
2418:
2413:
2408:
2403:
2393:
2388:
2383:
2377:
2375:
2371:
2370:
2367:
2366:
2364:
2363:
2361:Vendor finance
2358:
2353:
2348:
2343:
2338:
2333:
2327:
2325:
2319:
2318:
2316:
2315:
2310:
2305:
2300:
2294:
2292:
2283:
2279:
2278:
2271:
2270:
2263:
2256:
2248:
2242:
2241:
2235:
2234:
2230:
2229:
2209:
2176:"Federal Debt"
2172:Eisner, Robert
2168:
2162:
2157:
2145:
2140:
2135:
2130:
2125:
2118:
2117:External links
2115:
2112:
2111:
2091:
2076:
2055:
2031:
2006:
1988:
1970:
1943:
1930:
1901:
1886:
1866:"Foreign Debt"
1856:
1843:10.1086/260436
1817:
1806:(2): 201–224.
1783:
1752:
1743:|journal=
1688:
1679:|journal=
1636:
1618:
1603:, ed. (1911).
1601:Chisholm, Hugh
1587:
1575:
1568:
1548:
1534:
1520:
1501:(3): 403–414.
1485:
1466:
1449:
1423:
1416:
1376:
1369:
1334:
1306:
1291:
1272:
1250:
1197:
1178:
1177:
1175:
1172:
1170:
1169:
1164:
1159:
1154:
1149:
1144:
1139:
1134:
1132:Bond (finance)
1128:
1121:
1120:
1115:
1110:
1105:
1099:
1092:
1091:
1086:
1081:
1076:
1071:
1069:Public finance
1066:
1061:
1056:
1051:
1046:
1041:
1039:Municipal bond
1036:
1031:
1025:
1018:
1015:
960:
957:
946:
943:
922:
921:Inflation risk
919:
894:money creation
885:foreign debt.
860:Main article:
857:
854:
852:
849:
790:
787:
742:of 1672, when
707:state building
690:
687:
679:European Union
645:
642:
535:
532:
516:state building
482:sovereign debt
468:
467:
465:
464:
457:
450:
442:
439:
438:
437:
436:
423:
422:
419:
418:
413:
407:
404:
403:
400:
399:
396:
395:
390:
385:
379:
376:
375:
372:
371:
368:
367:
362:
357:
352:
346:
343:
342:
337:
331:
330:
329:
326:
325:
322:
321:
316:
311:
309:Trade creation
306:
301:
296:
291:
286:
281:
276:
270:
265:
264:
261:
260:
257:
256:
251:
246:
241:
240:
239:
237:currency board
234:
224:
219:
214:
209:
208:
207:
196:
191:
190:
187:
186:
183:
182:
177:
176:
175:
165:
160:
155:
150:
145:
144:
143:
133:
132:
131:
120:
115:
114:
111:
110:
107:
106:
101:
96:
91:
86:
81:
76:
71:
66:
61:
55:
50:
49:
46:
45:
37:
36:
34:Public finance
26:
9:
6:
4:
3:
2:
3593:
3582:
3581:Fiscal policy
3579:
3577:
3574:
3573:
3571:
3556:
3551:
3546:
3545:
3542:
3536:
3533:
3531:
3528:
3526:
3523:
3521:
3518:
3516:
3513:
3511:
3510:Consumer debt
3508:
3507:
3505:
3503:Market issues
3501:
3495:
3492:
3490:
3487:
3485:
3482:
3480:
3479:Fund of funds
3477:
3475:
3472:
3470:
3467:
3465:
3462:
3460:
3457:
3455:
3452:
3450:
3447:
3445:
3442:
3440:
3437:
3435:
3432:
3430:
3427:
3426:
3424:
3420:
3414:
3411:
3409:
3406:
3404:
3401:
3399:
3396:
3394:
3391:
3389:
3386:
3385:
3383:
3381:
3377:
3371:
3368:
3366:
3363:
3361:
3358:
3356:
3353:
3351:
3348:
3346:
3343:
3341:
3338:
3336:
3333:
3331:
3328:
3326:
3323:
3321:
3320:Forward price
3318:
3316:
3313:
3311:
3308:
3306:
3303:
3301:
3298:
3296:
3293:
3292:
3290:
3285:
3282:
3280:
3277:
3276:
3273:
3267:
3264:
3262:
3259:
3257:
3254:
3252:
3249:
3247:
3244:
3242:
3239:
3237:
3234:
3232:
3231:Interest rate
3229:
3227:
3224:
3222:
3219:
3217:
3214:
3212:
3209:
3207:
3204:
3202:
3199:
3197:
3194:
3192:
3189:
3187:
3184:
3182:
3179:
3177:
3174:
3172:
3169:
3167:
3164:
3162:
3159:
3158:
3156:
3154:
3150:
3140:
3137:
3135:
3132:
3130:
3127:
3125:
3124:MC Simulation
3122:
3120:
3117:
3115:
3112:
3110:
3107:
3105:
3102:
3100:
3097:
3095:
3092:
3089:
3085:
3084:Black–Scholes
3082:
3080:
3077:
3075:
3072:
3070:
3067:
3066:
3064:
3062:
3058:
3051:
3047:
3043:
3040:
3038:
3037:Risk reversal
3035:
3033:
3030:
3028:
3025:
3023:
3020:
3018:
3015:
3013:
3010:
3008:
3005:
3003:
3000:
2998:
2995:
2993:
2990:
2988:
2985:
2983:
2980:
2978:
2975:
2973:
2970:
2968:
2967:Credit spread
2965:
2963:
2960:
2958:
2955:
2953:
2950:
2948:
2945:
2943:
2940:
2938:
2935:
2933:
2930:
2929:
2927:
2925:
2921:
2915:
2912:
2910:
2907:
2905:
2902:
2899:
2897:
2894:
2892:
2891:Interest rate
2889:
2887:
2886:Forward start
2884:
2882:
2879:
2877:
2874:
2872:
2869:
2867:
2864:
2862:
2859:
2857:
2854:
2852:
2849:
2847:
2844:
2842:
2839:
2838:
2836:
2834:
2830:
2824:
2821:
2819:
2816:
2814:
2813:Option styles
2811:
2809:
2806:
2804:
2801:
2799:
2796:
2794:
2791:
2789:
2786:
2784:
2781:
2779:
2776:
2775:
2773:
2771:
2767:
2761:
2758:
2756:
2753:
2751:
2748:
2746:
2743:
2741:
2738:
2736:
2733:
2731:
2730:Open interest
2728:
2726:
2723:
2721:
2718:
2716:
2713:
2711:
2710:Delta neutral
2708:
2707:
2705:
2701:
2698:
2696:
2692:
2688:
2683:
2679:
2672:
2667:
2665:
2660:
2658:
2653:
2652:
2649:
2637:
2634:
2632:
2631:Interest rate
2629:
2627:
2624:
2622:
2619:
2617:
2614:
2613:
2610:
2604:
2600:
2596:
2593:
2591:
2588:
2586:
2583:
2582:
2580:
2576:
2570:
2567:
2565:
2562:
2560:
2557:
2555:
2552:
2550:
2547:
2545:
2542:
2540:
2537:
2535:
2532:
2530:
2527:
2525:
2522:
2520:
2517:
2515:
2512:
2511:
2509:
2507:
2503:
2497:
2494:
2492:
2489:
2487:
2484:
2482:
2479:
2477:
2474:
2472:
2469:
2467:
2464:
2462:
2459:
2457:
2454:
2452:
2449:
2447:
2444:
2443:
2441:
2439:
2436:
2432:
2428:
2422:
2419:
2417:
2414:
2412:
2409:
2407:
2406:Restructuring
2404:
2401:
2397:
2394:
2392:
2389:
2387:
2386:Consolidation
2384:
2382:
2379:
2378:
2376:
2372:
2362:
2359:
2357:
2354:
2352:
2349:
2347:
2344:
2342:
2339:
2337:
2334:
2332:
2331:Business loan
2329:
2328:
2326:
2324:
2320:
2314:
2311:
2309:
2306:
2304:
2301:
2299:
2296:
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2269:
2264:
2262:
2257:
2255:
2250:
2249:
2246:
2240:
2237:
2236:
2232:
2231:
2218:
2217:DebatedWisdom
2214:
2210:
2208:
2204:
2200:
2196:
2191:
2187:
2186:
2181:
2177:
2173:
2169:
2166:
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2161:
2158:
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2149:
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2141:
2139:
2136:
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2129:
2126:
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2120:
2101:
2095:
2087:
2080:
2072:
2071:
2066:
2059:
2041:
2035:
2021:
2017:
2010:
2002:
1998:
1992:
1985:
1984:
1983:The Economist
1979:
1974:
1959:
1954:
1947:
1940:
1934:
1919:
1912:
1905:
1898:(7 ed.).
1897:
1890:
1875:
1873:
1867:
1860:
1852:
1848:
1844:
1840:
1836:
1832:
1828:
1821:
1813:
1809:
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1801:
1794:
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1769:
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1763:
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1711:
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1569:9780718194000
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1395:
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1372:
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1311:
1302:
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1090:
1087:
1085:
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1080:
1077:
1075:
1072:
1070:
1067:
1065:
1064:Fiscal policy
1062:
1060:
1057:
1055:
1052:
1050:
1047:
1045:
1042:
1040:
1037:
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1032:
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1024:
1023:
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1007:
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986:pay-as-you-go
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981:balance sheet
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974:
970:
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827:
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764:
760:
759:James Gillray
756:
752:
748:
745:
741:
740:
735:
730:
728:
722:
720:
717:, and modern
716:
712:
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662:
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641:
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623:
619:
618:nominal value
615:
611:
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606:nominal value
603:
598:
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572:
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565:
561:
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531:
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526:, and modern
525:
521:
517:
513:
508:
506:
502:
498:
493:
491:
490:external debt
487:
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476:(also called
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294:Protectionism
292:
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263:
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255:
252:
250:
247:
245:
244:Monetary base
242:
238:
235:
233:
230:
229:
228:
225:
223:
222:Interest rate
220:
218:
217:Gold reserves
215:
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206:
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202:
201:
200:Bank reserves
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149:
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142:
139:
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134:
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127:
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122:
121:
118:
117:Fiscal policy
113:
112:
105:
102:
100:
97:
95:
92:
90:
87:
85:
82:
80:
77:
75:
72:
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62:
60:
57:
56:
53:
48:
47:
43:
39:
38:
35:
32:
31:
19:
3519:
3330:Forward rate
3241:Total return
3129:Real options
3032:Ratio spread
3012:Naked option
2972:Debit spread
2803:Fixed income
2745:Strike price
2601: /
2597: /
2564:Money market
2559:Fixed income
2528:
2486:Phantom debt
2466:Debt bondage
2434:
2221:. Retrieved
2219:. 3IVIS GmbH
2216:
2183:
2103:. Retrieved
2094:
2079:
2068:
2058:
2047:. Retrieved
2034:
2023:. Retrieved
2019:
2009:
2000:
1991:
1986:, 2015-01-17
1981:
1973:
1962:. Retrieved
1946:
1941:, March 2010
1938:
1933:
1921:. Retrieved
1917:
1904:
1895:
1889:
1877:. Retrieved
1869:
1859:
1834:
1830:
1820:
1803:
1799:
1786:
1777:
1771:. Retrieved
1765:
1755:
1734:cite journal
1725:
1719:. Retrieved
1691:
1670:cite journal
1639:
1630:
1621:
1610:
1578:
1558:
1551:
1537:
1523:
1498:
1494:
1488:
1479:
1475:
1469:
1398:
1359:
1328:
1294:
1285:
1275:
1266:
1190:
1187:"FT Lexicon"
1182:
1124:
1123:
1095:
1094:
1021:
1020:
1004:In 2010 the
1003:
984:
978:
972:
968:
964:
962:
951:
948:
924:
906:
887:
865:
841:
836:
834:
822:deleveraging
815:
811:
800:outside the
783:
779:
768:
754:
737:
731:
723:
700:
663:
651:World War II
647:
626:
621:
617:
614:market value
613:
609:
605:
602:market value
601:
599:
594:
590:
588:
583:
579:
570:
568:
559:
555:
551:
549:
509:
494:
481:
477:
473:
471:
267:Trade policy
254:Money supply
232:central bank
205:requirements
158:Fiscal union
135:
59:Agricultural
3261:Zero Coupon
3191:Correlation
3139:Vanna–Volga
2997:Iron condor
2783:Bond option
2603:Odious debt
2481:Garnishment
2346:Payday loan
2282:Instruments
2070:MarketWatch
1280:OECD Data.
1261:OECD Data.
1029:Debt crisis
939:World War I
862:Credit risk
818:debt crisis
675:Switzerland
478:public debt
355:Tax revenue
18:Public debt
3570:Categories
3535:Tax policy
3251:Volatility
3161:Amortising
3002:Jelly roll
2937:Box spread
2932:Backspread
2924:Strategies
2760:Volatility
2755:the Greeks
2720:Expiration
2621:Insolvency
2529:Government
2461:Compliance
2451:Charge-off
2431:Collection
2381:Bankruptcy
2374:Management
2341:Loan shark
2308:Government
2223:29 October
2105:2011-11-08
2049:2014-06-18
2025:2020-09-21
1964:2012-09-11
1773:2020-09-10
1721:2020-09-10
1715:10986/3875
1174:References
1167:World debt
1074:Debt clock
890:fiat money
804:office in
744:Charles II
713:, private
677:; and the
622:face value
591:gross debt
552:gross debt
522:, private
503:, and the
304:Trade bloc
279:Free trade
104:Policy mix
79:Investment
74:Industrial
3226:Inflation
3176:Commodity
3134:Trinomial
3069:Bachelier
3061:Valuation
2942:Butterfly
2876:Commodore
2725:Moneyness
2578:Economics
2539:Municipal
2524:Diplomacy
2519:Corporate
2476:Distraint
2313:Municipal
2303:Debenture
2298:Corporate
2233:Databases
2207:163149563
2199:317650570
2001:U.S. News
1851:153956574
1662:233762964
1096:Specific:
1013:) level.
931:inflation
900:. In the
711:democracy
520:democracy
3365:Slippage
3295:Contango
3279:Forwards
3246:Variance
3206:Dividend
3201:Currency
3114:Margrabe
3109:Lattices
3088:equation
3074:Binomial
3022:Strangle
3017:Straddle
2914:Swaption
2896:Lookback
2881:Compound
2823:Warrants
2798:European
2778:American
2770:Vanillas
2735:Pin risk
2715:Exercise
2626:Interest
2599:Internal
2595:External
2514:Consumer
2446:Bad debt
2203:50016270
2174:(1993).
2151:Archived
1958:Archived
1923:22 March
1396:(2003).
1329:IMF Blog
1286:OECD.org
1267:OECD.org
1125:General:
1017:See also
991:Medicare
973:implicit
969:explicit
898:eurozone
761:, 1786.
595:net debt
340:Spending
168:Spending
141:internal
99:Monetary
64:Economic
52:Policies
3284:Futures
2904:Rainbow
2871:Cliquet
2866:Chooser
2846:Barrier
2833:Exotics
2695:Options
2616:Default
2544:Venture
2534:Medical
2506:Markets
2438:Evasion
2400:history
2182:(ed.).
2088:. CNBC.
1879:3 March
1779:growth.
1515:2298021
914:bailout
705:and to
554:of the
514:and to
377:Optimum
335:Revenue
173:deficit
163:Revenue
3345:Margin
3211:Equity
3104:Heston
3007:Ladder
2957:Condor
2952:Collar
2909:Spread
2856:Binary
2851:Basket
2433:
2396:Relief
2197:
1849:
1660:
1566:
1513:
1414:
1367:
546:by IMF
434:Portal
405:Reform
299:Tariff
129:policy
124:Budget
94:Fiscal
84:Social
69:Energy
3216:Forex
3171:Basis
3166:Asset
3153:Swaps
3079:Black
2982:Fence
2841:Asian
2703:Terms
2549:Buyer
2356:Usury
2323:Loans
2290:Bonds
2178:. In
2043:(PDF)
1914:(PDF)
1847:S2CID
1796:(PDF)
1658:S2CID
1511:JSTOR
1245:(PDF)
564:bonds
89:Trade
3050:Bull
3046:Bear
2788:Call
2275:Debt
2225:2016
2195:OCLC
2020:CNBC
1925:2017
1881:2010
1804:2011
1747:help
1683:help
1631:CNBC
1564:ISBN
1412:ISBN
1365:ISBN
1191:The
912:, a
851:Risk
673:and
638:OECD
610:GFSM
589:The
584:GFSM
136:Debt
2818:Put
1839:doi
1808:doi
1710:hdl
1702:doi
1650:doi
1503:doi
1404:doi
1089:Tax
806:NYC
802:IRS
681:'s
633:GDP
604:or
578:'s
544:GDP
480:or
180:Tax
3572::
3048:,
2808:FX
2215:.
2205:,
2201:,
2067:.
2018:.
1999:.
1916:.
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1829:.
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1732:{{
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1379:^
1337:^
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1284:.
1265:.
1253:^
1200:^
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2028:.
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