Online Public Access Catalogue (OPAC)
Library,Documentation and Information Science Division

“A research journal serves that narrow

borderland which separates the known from the unknown”

-P.C.Mahalanobis


Normal view MARC view ISBD view

A decade of debt [electronic resource] / Carmen M. Reinhart and Kenneth S. Rogoff.

By: Reinhart, Carmen M.
Contributor(s): Rogoff, Kenneth S.
Material type: TextTextSeries: Policy analyses in international economics: 95.Publisher: Washington, DC : Peterson Institute For International Economics, 2011Description: 1 online resource (xix, 157 p.) : ill.ISBN: 0881326364 (electronic bk.); 9780881326369 (electronic bk.).Subject(s): Debts, Public | Finance, Public | BUSINESS & ECONOMICS / Public FinanceGenre/Form: Electronic books.Additional physical formats: decade of debt.DDC classification: 336.3/4 Online resources: EBSCOhost
Contents:
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.
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.
Tags from this library: No tags from this library for this title. Log in to add tags.
No physical items for this record

Includes bibliographical references and index.

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.

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.

There are no comments for this item.

Log in to your account to post a comment.

Other editions of this work

A decade of debt by Reinhart, Carmen M. ©2011
Library, Documentation and Information Science Division, Indian Statistical Institute, 203 B T Road, Kolkata 700108, INDIA
Phone no. 91-33-2575 2100, Fax no. 91-33-2578 1412, ksatpathy@isical.ac.in


Visitor Counter