<p>I don't know a great deal about this area. But in terms of the European Sovereign Debt Crisis, you might wish to review Philip Lanes research on the topic. I'm sure there are others too, maybe his co-authors on papers etc, you could look at their papers too. For example, there is one in the Journal of Economic Perspectives in 2012 called "The European Sovereign Debt Crisis". It's a nice one to read, at least I thought so anyway!</p>

CC BY-SA 3.0
2015-11-11T03:34:29.513Z
you may want to improve your answer by giving the exact citations
HRSE
CC BY-SA 3.0
2015-11-10T13:42:56.550Z
2015-11-10T13:42:56.550Z
Kelly
<p>A lot of the current work done about debt sustainability analysis uses fiscal policy reaction functions in different ways.</p>

<p>Interesting papers on this subject are:</p>

<ul>
<li><p>[Bohn2005] Bohn, H. (2005). The Sustainability of Fiscal Policy in the United States.</p></li>
<li><p>[Medeiros2012] Medeiros, J. (2012). Stochastic debt simulation using VAR models and a a panel fiscal reaction function: results for a selected number of
countries. European Economy. Economic Papers, July 2012(459).</p></li>
<li><p>[Ghosh et al.2013] Ghosh, A. R., Kim, J. I., Mendoza, E. G., Ostry, J. D., and
Qureshi, M. S. (2013). Fiscal Fatigue, Fiscal Space and Debt Sustainability
in Advanced Economies. The Economic Journal, 123:4–30.</p></li>
</ul>

<p>The first and the third one use fiscal reaction functions explicitely. The middle one used this reaction function to similate how debt could evolve over time.</p>

CC BY-SA 3.0
2015-11-12T19:44:51.753Z
2015-11-12T19:44:51.753Z
Stinky
<p><a href="http://www.hks.harvard.edu/about/faculty-staff-directory/carmen-reinhart" rel="nofollow">Carmen Reinhart</a> from Harvard Kennedy School works extensively on these questions. She has a recent paper forthcoming  in the Journal of the European Economic Association, 2016, entitled "<a href="https://research.hks.harvard.edu/publications/getFile.aspx?Id=1215" rel="nofollow">Sovereign Debt Relief and its Aftermath</a>" with Christoph Trebesch. They study sovereign debt relief in a long-term perspective, using two distinct samples: 1920-1939, and 1978-2010. They published a short <a href="http://www.voxeu.org/article/sovereign-debt-relief-and-its-aftermath-1930s-1990s-future" rel="nofollow">Vox-CEPR column</a> on this research.</p>

<p>In their book, with Kenneth Rogoff, "<a href="http://www.carmenreinhart.com/this-time-is-different/" rel="nofollow">This time is different</a>" they address this question. They have also other interesting and good papers:</p>

<ul>
<li>Reinhart, Carmen, and Kenneth Rogoff. "Dealing with Debt." Journal of International Economics 96 (July 2015): S43-S55. </li>
<li>Reinhart, Carmen, and Kenneth Rogoff. "Financial and Sovereign Debt
Crises: Some Lessons Learned and Those Forgotten." Financial Crises:
Causes, Consequences, and Policy Responses. Ed. Stijn Claessens, M.
Ayhan Kose, Luc Laeven, and Fabian Valencia. International Monetary
Fund, 2014.</li>
</ul>

<p>Check also:</p>

<ul>
<li>Reinhart, Carmen M., and M. Belen Sbrancia. "The Liquidation of
Government Debt." Economic Policy 30.82 (March 2015): 291-333.</li>
</ul>

CC BY-SA 3.0
2015-11-11T01:45:07.203Z
2015-11-11T02:05:43.293Z
2015-11-11T02:05:43.293Z
emeryville
<p>I am an undergraduate student who does some research on sovereign debt and its sustainability. </p>

<p>Which papers are essential to understand how sovereign debt works and which implication it has for the economic policy of the country?</p>

<macroeconomics><reference-request><debt>
Economic theory / papers on sovereign debt?
OST_EE
# Economic theory / papers on sovereign debt?

(Asked by: username_0 on 2015-11-09)

I am an undergraduate student who does some research on sovereign debt and its sustainability.

Which papers are essential to understand how sovereign debt works and which implication it has for the economic policy of the country?

**Tags:** macroeconomics, reference-request, debt

---

## 3 answers

### Answer by username_4 on 2015-11-11. Score: 3 | Accepted answer

[Carmen Reinhart](http://www.hks.harvard.edu/about/faculty-staff-directory/carmen-reinhart) from Harvard Kennedy School works extensively on these questions. She has a recent paper forthcoming in the Journal of the European Economic Association, 2016, entitled "[Sovereign Debt Relief and its Aftermath](https://research.hks.harvard.edu/publications/getFile.aspx?Id=1215)" with Christoph Trebesch. They study sovereign debt relief in a long-term perspective, using two distinct samples: 1920-1939, and 1978-2010. They published a short [Vox-CEPR column](http://www.voxeu.org/article/sovereign-debt-relief-and-its-aftermath-1930s-1990s-future) on this research.

In their book, with Kenneth Rogoff, "[This time is different](http://www.carmenreinhart.com/this-time-is-different/)" they address this question. They have also other interesting and good papers:

* Reinhart, Carmen, and Kenneth Rogoff. "Dealing with Debt." Journal of International Economics 96 (July 2015): S43-S55.
* Reinhart, Carmen, and Kenneth Rogoff. "Financial and Sovereign Debt
  Crises: Some Lessons Learned and Those Forgotten." Financial Crises:
  Causes, Consequences, and Policy Responses. Ed. Stijn Claessens, M.
  Ayhan Kose, Luc Laeven, and Fabian Valencia. International Monetary
  Fund, 2014.

Check also:

* Reinhart, Carmen M., and M. Belen Sbrancia. "The Liquidation of
  Government Debt." Economic Policy 30.82 (March 2015): 291-333.


---

### Answer by username_1 on 2015-11-10. Score: 1

I don't know a great deal about this area. But in terms of the European Sovereign Debt Crisis, you might wish to review Philip Lanes research on the topic. I'm sure there are others too, maybe his co-authors on papers etc, you could look at their papers too. For example, there is one in the Journal of Economic Perspectives in 2012 called "The European Sovereign Debt Crisis". It's a nice one to read, at least I thought so anyway!

> **Comments:**
> **username_2**: you may want to improve your answer by giving the exact citations  

---

### Answer by username_3 on 2015-11-12. Score: 1

A lot of the current work done about debt sustainability analysis uses fiscal policy reaction functions in different ways.

Interesting papers on this subject are:

* [Bohn2005] Bohn, H. (2005). The Sustainability of Fiscal Policy in the United States.
* [Medeiros2012] Medeiros, J. (2012). Stochastic debt simulation using VAR models and a a panel fiscal reaction function: results for a selected number of
  countries. European Economy. Economic Papers, July 2012(459).
* [Ghosh et al.2013] Ghosh, A. R., Kim, J. I., Mendoza, E. G., Ostry, J. D., and
  Qureshi, M. S. (2013). Fiscal Fatigue, Fiscal Space and Debt Sustainability
  in Advanced Economies. The Economic Journal, 123:4–30.

The first and the third one use fiscal reaction functions explicitely. The middle one used this reaction function to similate how debt could evolve over time.


---

