Mumbai, Nov. 3 -- A latest International Monetary Fund or IMF paper provides a parsimonious yet tractable approach to evaluating maximum sustainable debt across countries and over time within the p-theory framework developed by Jiang et al. The paper, titled Maximum Sustainable Debt Across Countries: An Assessment using P-Theory, notes that by incorporating tax distortions, asset-pricing components (risk-free rates, convenience yields, and jump-risk premia), and sovereign default risks into the model, we calibrate it for a large sample of over 170 countries. The illustrative findings in paper show that while current debt levels in many economies remain within maximum sustainable debt levels, debt burdens in many emerging markets and low-i...