A collection of essays presenting new insights into the analysis of public debt theory, recent historical episodes, econometric analyses and policy dilemmas and options. It also documents the perceptions of debt problems from viewpoints of national economies as well as the world economy.

Inhalt
Acknowledgements - The International Economic Association - List of Participants - Abbreviations and Acronyms - Introduction; K.J.Arrow & M.J.Boskin - PART 1 PUBLIC DEBT AND MACROECONOMICS - Deficits Monetary Policy and Real Economic Activity; R.Eisner & P.J.Pieper, Discussion - On the Relevance or Irrelevance of Public Financial Policy; J.E.Stiglitz, Discussion - Concepts and Measures of Federal Deficits and Debt and their Impact on Economic Activity; M.J.Boskin, Discussion - Optimum Fiscal Policy when Monetary Policy is Bound by a Rule: Ramsey Redux; E.S.Phelps & K.Velupillai - PART 2 PUBLIC DEBT AND EQUITY - Public Debt and Intergeneration Equity; R.A.Musgrave, Discussion - Debt Burden and Intergeneration Equity; T.Ihori, Discussion - PART 3 ASPECTS OF PUBLIC DEBT THEORY AND PRACTICE - Debt and Taxes in War and Peace: The Closed Economy Case; J.S.Flemming, Discussion - Public Debt and Fiscal Policy in Developing Countries; V.Tanzi & M.K.Blejer, Discussion - Benefits and Burdens of Indexed Debt: Some Lessons from Israel's Experience; E.Kleiman, Discussion - Debt, Wealth and the Rate of Growth: an Exercise in Equilibrium Dynamics; S.Gorini, Discussion - Index