Introduction

The effective management of government debt – both to domestic and foreign, private and public – lenders has been a key indicator of the quality of economic, financial and monetary governance, but also of the ultimate economic and political success of countries. The rise of Great Britain from the 16th onwards and its competitive superiority over larger and in principle better endowed rivals, but also of the United States since the 19th century, can be ascribed in part also to their successful and, for lenders, mainly satisfactory management of their debt. Countries which ...