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Market-Based Constraints: Bondholders and Creditors as Debt Brakes

An efficient capital market can impose a debt brake by charging higher interest rates on jurisdictions that incur deficits and accumulate debt, compared to jurisdictions that balance their budgets and limit debt. At the national level this form of capital

Fiscal Rules and Dynamic Credence Capital in the U.S.

Over the past half century the federal government has failed to respond to the rising debt burdens imposed on citizens. The fiscal rules enacted to address the debt crisis have proven to be ineffective in reducing debt levels below debt