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1

Kinoshita, Noriaki. Government debt and long-term interest rates. [Washington, D.C.]: International Monetary Fund, Fiscal Affairs Dept., 2006.

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2

Alfaro, Laura. Debt maturity: Is long-term debt optimal? Cambridge, Mass: National Bureau of Economic Research, 2007.

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3

Alfaro, Laura. Debt maturity: Is long-term debt optimal? Cambridge, MA: National Bureau of Economic Research, 2007.

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4

Diwan, Ishac. Long term prospects in Eastern Europe: The role of external finance in an era of change. Washington, DC (1818 H St., NW, Washington 20433): International Economics Dept., World Bank, 1991.

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5

Deficits, debts, and demographics: Three fundamentals affecting our long-term economic future. Singapore: Institute of Southeast Asian Studies, 1985.

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6

Cochrane, John H. Long-term debt and optimal policy in the fiscal theory of the price level. Cambridge, MA: National Bureau of Economic Research, 1998.

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7

America's public debt: How do we keep it from rising? : hearing before the Subcommittee on Long-term Growth and Debt Reduction of the Committee on Finance, United States Senate, One Hundred Ninth Congress, second session, September 28, 2006. Washington: U.S. G.P.O., 2006.

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8

Walker, David M. Social Security: Individual accounts as an element of long-term financing reform : statement of David M. Walker, Comptroller General of the United States, before the Committee on Finance, U.S. Senate. Washington, D.C: The Office, 1999.

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9

United States. Congress. Senate. Committee on Finance. Subcommittee on Long-term Growth and Debt Reduction. Administration's request to increase the federal debt limit: Hearing before the Subcommittee on Long-Term Growth and Debt Reduction of the Committee on Finance, United States Senate, One Hundred Seventh Congress, second session, February 14, 2002. Washington: U.S. G.P.O., 2002.

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10

United States. Congress. House. Committee on Finance. Subcommittee on Social Security and Family Policy. Long-term status of the Social Security Trust Funds: Hearing before the Subcommittee on Social Security and Family Policy of the Committee on Finance, United States Senate, One Hundredth Congress, second session. Washington: U.S. G.P.O., 1988.

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11

Perspectives on long-term deficits: Hearing before the Committee on the Budget, House of Representatives, One Hundred Eleventh Congress, second session, hearing held in Washington, DC, January 21, 2010. Washington: U.S. G.P.O., 2010.

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12

Economic and budget challenges for the short and long term: Hearing before the Committee on the Budget, United States Senate, One Hundred Eleventh Congress, first session, March 3, 2009, Economic and budget challenges for the short and long term. Washington: U.S. G.P.O., 2010.

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13

Posner, Paul L. Budget issues: Long-term fiscal outlook : statement of Paul L. Posner, Director, Budget Issues, Accounting and Information Management Division, before the Committee on the Budget, U.S. Senate. Washington, D.C. (P.O. Box 37050, Washington, D.C. 20013): The Office, 1998.

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14

Posner, Paul L. Budget issues: Long-term fiscal outlook : statement of Paul L. Posner, Director, Budget Issues, Accounting and Information Management Division, Testimony, before the Committee on the Budget, U.S. Senate. Washington, D.C: The Office, 1998.

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15

Posner, Paul L. Budget issues: Deficit reduction and the long term : statement of Paul L. Posner, Director, Budget Issues, Accounting and Information Management Division, before the Committee on the Budget, House of Representatives. Washington, D.C: The Office, 1996.

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16

The Congressional Budget Office's long-term budget outlook: Hearing before the Committee on the Budget, House of Representatives, One Hundred Thirteenth Congress, first session, hearing held in Washington, DC, September 26, 2013. Washington: U.S. Government Printing Office, 2014.

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17

Alaska Commission on Postsecondary Education. Long term debt for short term training: Service or disservice? Juneau, AK (3030 Vintage Blvd, Juneau 99801-7109): The Commission, 1995.

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18

United States. Congress. House. Committee on the Budget. The Congressional Budget Office's long-term budget outlook: Hearing before the Committee on the Budget, House of Representatives, One Hundred Twelfth Congress, first session, hearing held in Washington, DC, June 23, 2011. Washington: U.S. G.P.O., 2011.

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19

Freshwater, David. New approaches to financing long-term farm debt. Washington, D.C: U.S. Dept. of Agriculture, Economic Research Service, 1987.

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20

The Congressional Budget Office's 2012 long-term budget outlook: Hearing before the Committee on the Budget, House of Representatives, One Hundred Twelfth Congress, second session, hearing held in Washington, DC, June 6, 2012. Washington: U.S. G.P.O., 2012.

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21

United States. Congress. Joint Economic Committee. The way forward from government shutdown and debt-ceiling confrontation toward long-term fiscal sustainability and economic growth: Hearing before the Joint Economic Committee, Congress of the United States, One Hundred Thirteenth Congress, first session, October 11, 2013. Washington: U.S. Government Printing Office, 2013.

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22

Eijffinger, Sylvester C. W. Short-term and long-term government debt and non-resident interest withholding taxes. London: London School of Economics, Financial Markets Group, 1997.

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23

Aghion, Beatriz Armendariz de. Long-term capital reflow under macroeconomic stabilization in Latin America. Paris: Organisation for Economic Co-operation and Development, 1991.

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24

Uhlig, Harald. Long-term debt and the political support for a monetary union. London: Centrefor Economic Policy Research, 1997.

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25

Maryland. General Assembly. Dept. of Legislative Services. Office of Policy Analysis. Effect of long-term debt on the financial condition of the state. Annapolis, Md: Dept. of Legislative Services, Office of Policy Analysis, 2001.

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26

Jaramillo, Fidel. Access to long term debt and effects on firms' performance: Lessons from Ecuador. Washington, DC: World Bank, Policy Research Dept., Finance and Private Sector Development Division, 1997.

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27

Schiantarelli, Fabio. Debt maturity and firm performance: A panel study of Indian public limited companies. Washington, DC: World Bank, Policy Research Dept., Finance and Private Sector Development Division, 1997.

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28

Brown, Susan. Short-life housing long term homes: Permanent housing options for resi dents of short-life. London: National Federation of Housing Associations, 1993.

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29

Colorado. Office of State Auditor. Report of the State Auditor: State of Colorado, special review, state and local long-term debt. [Denver, Colo.] (200 E. 14th Ave., Denver 80203): Office of State Auditor, 1987.

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30

United States. Congress. Senate. Committee on Finance. Subcommittee on Deficits, Debt Management, and Long-term Economic Growth. U.S. fiscal and savings crisis--implications for long-term growth: Hearing before the Subcommittee on Deficits, Debt Management, and Long-term Economic Growth of the Committee on Finance, United States Senate, One Hundred Third Congress, second session, June 17, 1994. Washington: U.S. G.P.O., 1995.

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31

United States. Congress. Senate. Committee on Finance. Subcommittee on Deficits, Debt Management, and Long-term Economic Growth. U.S. fiscal and savings crisis--implications for long-term growth: Hearing before the Subcommittee on Deficits, Debt Management, and Long-term Economic Growth of the Committee on Finance, United States Senate, One Hundred Third Congress, second session, June 17, 1994. Washington: U.S. G.P.O., 1995.

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32

United, States Congress Senate Committee on Finance Subcommittee on Deficits Debt Management and International Debt. Long-term deficit outlook: Hearing before the Subcommittee on Deficits, Debt Management, and International Debt of the Committee on Finance, United States, One Hundred Scond Cngress, first session, April 12, 1991. Washington: U.S. G.P.O., 1991.

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33

United, States Congress Senate Committee on Finance Subcommittee on Deficits Debt Management and Long-term Economic Growth. U.S. private savings crisis: Long-term economic implications and options for reform : hearing before the Subcommittee on Deficits, Debt Management, and Long-term Economic Growth of the Committee on Finance, United States Senate, One Hundred Third Congress, second session, December 7, 1994. Washington: U.S. G.P.O., 1995.

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34

United States. Congress. Senate. Committee on Finance. Subcommittee on Deficits, Debt Management, and Long-term Economic Growth. U.S. private savings crisis: Long-term economic implications and options for reform : hearing before the Subcommittee on Deficits, Debt Management, and Long-term Economic Growth of the Committee on Finance, United States Senate, One Hundred Third Congress, second session, December 7, 1994. Washington: U.S. G.P.O., 1995.

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35

Office, General Accounting. Budget policy: Long-term implications of the deficit : statement of Charles A. Bowsher, Comptroller General of the United States, before the Subcommittee on Deficits, Debt Management and International Debt, Committee on Finance, United States Senate. Washington, D.C: The Office, 1992.

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36

United States. Congress. Senate. Committee on Finance. Subcommittee on Deficits, Debt Management, and International Debt. Long-term impact of the federal deficit on the U.S. economy: Hearing before the Subcommittee on Deficits, Debt Management, and International Debt of the Committee on Finance, United States, One Hundred Second Congress, second session, June 5, 1992. Washington: U.S. G.P.O., 1993.

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37

Encouraging economic self-determination in Indian country: Hearing before the Subcommittee on Long-term Growth and Debt Reduction of the Committee on Finance, United States Senate, One Hundred Ninth Congress, second session, May 23, 2006. Washington: U.S. G.P.O., 2006.

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38

Wo guo yi liao bao zhang ti xi de zhai wu feng xian ji ke chi xu xing ping gu: The debt risk of Chinese social medical insurance system and the estimation of long-term continuity. Beijing shi: Jing ji guan li chu ban she, 2009.

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39

Small business pension plans: How can we increase worker coverage? : hearing before the Subcommittee on Long-term Growth and Debt Reduction of the Committee on Finance, United States Senate, One Hundred Ninth Congress, second session, June 29, 2006. Washington: U.S. G.P.O., 2006.

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40

Updating depreciable lives: Is there salvage value in the current system? : hearing before the Subcommittee on Long-term Growth and Debt Reduction of the Committee on Finance, United States Senate, One Hundred Ninth Congress, first session, July 21, 2005. Washington: U.S. G.P.O., 2005.

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41

Federal tax issues relating to restructuring of the electric power industry: Hearing before the Subcommittee on Long-term Growth and Debt Reduction of the Committee on Finance, United States Senate, One Hundred Sixth Congress, first session, October 19, 1999. Washington: U.S. G.P.O., 2000.

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42

Saving for the 21st century: Is America saving enough to be competitive in the global marketplace? : hearing before the Subcommittee on Long-term Growth and Debt Reduction of the Committee on Finance, United States Senate, One Hundred Ninth Congress, second session, April 6, 2006. Washington: U.S. G.P.O., 2006.

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43

Long-term debt sustainability in low-income countries: The HIPC initiative revisited. London: Commonwealth Secretariat, 2004.

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44

The Challenges of Maintaining Long-Term Debt Sustainability: The Case of Kenya. African Forum & Network, 2005.

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45

1941-, Bergsten C. Fred, and Peterson Institute for International Economics., eds. The long-term international economic position of the United States. Washington, DC: Peterson Institute for International Economics, 2009.

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46

Long-Term Debt Sustainability in Low-Income Countries: The HIPC Initiative Revisited: Economic Paper 61 (Economic Paper Series). Commonwealth Secretariat, 2004.

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47

Dodhia, Dinesh. HIPC: Economic Prospects, Long-term Debt Sustainability and the Role of Investment: Economic Paper 66 (Economic Paper Series). Commonwealth Secretariat, 2006.

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48

Drelichman, Mauricio, and Hans-Joachim Voth. Taxes, Debts, and Institutions. Princeton University Press, 2017. http://dx.doi.org/10.23943/princeton/9780691151496.003.0004.

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This chapter describes the fiscal institutions and borrowing instruments available to the Crown. The Castilian portfolio of fiscal and financial instruments was remarkably complete for its time. The revenue technology was a mix of useful adaptations of medieval legacy taxes combined with newer excises and trade duties. On the financing side, the Crown had both long- and short-term debt instruments at its disposal. Although the long-term juros (annuities and perpetuities) were technically nominative, they were widely traded in the secondary market, supplying a key element for the correct pricing of debt. On the short-term front, asientos—which refer to a wide variety of agreements—allowed the Crown to smooth the volatile silver revenues, leverage income outside the purview of the Cortes—Castile's representative assembly—and quickly shift resources throughout the empire.
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49

Supplemental report to State of Colorado special review, state and local long-term debt, detail listing of debt by entity, March 1987. [Denver, Colo: State of Colorado, Office of State Auditor, 1987.

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50

Drelichman, Mauricio, and Hans-Joachim Voth. The Sustainable Debts of Philip II. Princeton University Press, 2017. http://dx.doi.org/10.23943/princeton/9780691151496.003.0005.

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This chapter addresses the sustainability of debt. A systematic analysis based on the International Monetary Fund's (IMF) methodology to evaluate fiscal sustainability shows that Castile was able to service its debts in the long run. While liquidity was scarce during periods of intense warfare, years of relative peace brought large surpluses. The data collected from Castile's annual fiscal accounts produced new yearly series of revenue, military expenditure, short-term debt issues, and short-term debt service. The resulting database spans a full 31-year period—enough to employ modern quantitative techniques. This analysis provides strong evidence that Castile's fiscal position in the second half of the sixteenth century was on a solid footing. The chapter then assesses whether the events that led to major downturns in Castile's financial fortunes could have been anticipated.
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