1 “... to their sovereigns in the past decade. Second, government debt has grown, and fiscal positions have deteriorated...”

2 “... that relevant correlates of nominal lending rates include inflation, public debt, and policy interest rate...”

3 “... and possibly abrupt impacts on investment and economic growth, fiscal revenue and expenditure, debt...”

4 “... with higher private debt levels tend to respond earlier with banking sector and liquidity and funding measures...”