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Debt Sustainability Assessment: Mission Impossible

Charles Wyplosz ()

Review of Economics and Institutions, 2011, vol. 2, issue 3

Abstract: Debt sustainability is a vexing issue. Its importance is immediately obvious but it escapes any easy definition. This situation is not unheard of in economics; price stability and full employment are examples of other crucially important policy objectives that cannot be simply defined. Yet, while price stability or full employment can both be measured with a reasonable degree of precision, debt sustainability cannot even be measured directly.

Keywords: public debts; budget balance; sustainability (search for similar items in EconPapers)
JEL-codes: E43 E62 E37 (search for similar items in EconPapers)
Date: 2011
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