A decade of debt [electronic resource] / Carmen M. Reinhart and Kenneth S. Rogoff.
Reinhart, Carmen M.; Rogoff, Kenneth S.
2011
HJ8015 .R45 2011eb
Available Online

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Title A decade of debt [electronic resource] / Carmen M. Reinhart and Kenneth S. Rogoff.
Author Reinhart, Carmen M.
ISBN 9780881326369 (electronic book)
9780881326222
Imprint Washington, D.C. : Peterson Institute For International Economics, 2011.
Language English
Description 1 online resource (xix, 157 p.) : ill., ports.
Call Number HJ8015 .R45 2011eb
Dewey Decimal Classification 336.3/4
Summary This book presents evidence that public debts in the advanced economies have surged in recent years to levels not recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression. At the same time, private debt levels, particularly those of financial institutions and households, are in uncharted territory and are (in varying degrees) a contingent liability of the public sector in many countries. Historically, high leverage episodes have been associated with slower economic growth and a higher incidence of default or, more generally, restructuring of public and private debts. A more subtle form of debt restructuring in the guise of "financial repression" (which had its heyday during the tightly regulated Bretton Woods system) also importantly facilitated sharper and more rapid debt reduction than would have otherwise been the case from the late 1940s to the 1970s. It is conjectured here that the pressing needs of governments to reduce debt rollover risks and curb rising interest expenditures in light of the substantial debt overhang (combined with the widespread "official aversion" to explicit restructuring) are leading to a revival of financial repression-including more directed lending to government by captive domestic audiences (such as pension funds), explicit or implicit caps on interest rates, and tighter regulation on cross-border capital movements.
Note "September 2011."
Description based on print version record.
Bibliography, etc. Note Includes bibliographical references and index.
Access Note Access limited to authorized users.
Added Author Rogoff, Kenneth S.
Series Policy analyses in international economics ; 95
Available in Other Form Decade of debt.
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Record Appears in Online Resources > Ebooks
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Decade of doubt. Surges in public debt ; The financial crash : sovereign debt crisis sequence ; Debt and growth ; Aftermath of high debt : the 1930s and World War II
Chartbook of country histories of debt, default, and financial crises
Preamble ; Key to figures and methodology notes ; Debt and crises : main themes.

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