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The Origins and Severity of the  Public Pension Crisis 

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The Origins and Severity of the  Public Pension Crisis 

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It appears that the 1998 totals are somewhat lower due to the benign credit cycle in the U.S. for the past five years (1993-1997), when default rates on public high yield bonds averaged less than 2% each year (Exhibit 2, Altman & Kishore, 1998). The supply of public, domestic defaulted bonds was about $10 billion as of mid-1998 and our best estimate of distressed public debt is about $13 billion. At the same time, we have noticed an increase in distressed securities in 1998. The resulting total of defaulted and distressed, public bonds and private debt as of end of August 1998 is...

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