This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? Wh

This paper explores how banking sector developments and characteristics influence the propagation of risks from the banking sector to sovereign debt, including

High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers v

We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt

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