The Forgotten History of Domestic Debt
整理了19世纪至2010年的公共债务数据库，发现国内债务占公共债务近三分之二，有助于解释为何国家在看似低的外债阈值下违约，并指出国内债务在通胀文献中被忽视，且国内居民劣后于外部债权人的观点缺乏广泛支持。
The literature on domestic debt default is sparse, as are the data. We compile a database on public debt that spans the nineteenth century to 2010. Our findings are as follows. First, domestic debt accounts for almost two‐thirds of public debt. Second, the data help to explain the puzzle of why countries default on external debts at seemingly low debt thresholds. Third, domestic debt (which is often larger than the monetary base in the run‐up to high inflation) has largely been ignored in the inflation literature. Last, the view that domestic residents are junior to external creditors does not find broad support.