国际货币基金组织：增长挂钩债券和债务分配：太少了，太昂贵了？（英文版）

Sovereign state-contingent bonds have rarely been issued despite their theoretical debt stabilization properties. This paper revisits this puzzle by analyzing when growth-indexed bonds are too limited in scale, and when they are too costly, to materially improve debt sustainability. The results show that the benefits of indexation are highly heterogeneous across countries. Under the realistic assumption that 20 percent of the debt stock is indexed, reductions in the upper tail of the debt dis