Public Debt Through The Ages

Author : Mr.Barry J. Eichengreen,Ms.Asmaa A ElGanainy,Rui Pedro Esteves,Kris James Mitchener
Publisher : International Monetary Fund
Page : 60 pages
File Size : 55,8 Mb
Release : 2019-01-15
Category : Business & Economics
ISBN : 9781484392898

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Public Debt Through the Ages by Mr.Barry J. Eichengreen,Ms.Asmaa A ElGanainy,Rui Pedro Esteves,Kris James Mitchener Pdf

We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible.

Author : Barry Eichengreen,Asmaa El-Ganainy,Rui Esteves,Kris James Mitchener
Publisher : Unknown
Page : 56 pages
File Size : 47,9 Mb
Release : 2019
Category : Debts, Public
ISBN : OCLC:1084739370

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Public Debt Through the Ages by Barry Eichengreen,Asmaa El-Ganainy,Rui Esteves,Kris James Mitchener Pdf

We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible.

Author : Barry Eichengreen,Asmaa El-Ganainy,Rui Esteves,Kris James Mitchener
Publisher : Oxford University Press
Page : 321 pages
File Size : 52,8 Mb
Release : 2021-08-11
Category : Business & Economics
ISBN : 9780197577912

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In Defense of Public Debt by Barry Eichengreen,Asmaa El-Ganainy,Rui Esteves,Kris James Mitchener Pdf

A dive into the origins, management, and uses and misuses of sovereign debt through the ages. Public debts have exploded to levels unprecedented in modern history as governments responded to the Covid-19 pandemic and ensuing economic crisis. Their dramatic rise has prompted apocalyptic warnings about the dangers of heavy debtsabout the drag they will place on economic growth and the burden they represent for future generations. In Defense of Public Debt offers a sharp rejoinder to this view, marshaling the entire history of state-issued public debt to demonstrate its usefulness. Authors Barry Eichengreen, Asmaa El-Ganainy, Rui Esteves, and Kris James Mitchener argue that the ability of governments to issue debt has played a critical role in addressing emergenciesfrom wars and pandemics to economic and financial crises, as well as in funding essential public goods and services such as transportation, education, and healthcare. In these ways, the capacity to issue debt has been integral to state building and state survival. Transactions in public debt securities have also contributed to the development of private financial markets and, through this channel, to modern economic growth. None of this is to deny that debt problems, debt crises, and debt defaults occur. But these dramatic events, which attract much attention, are not the entire story. In Defense of Public Debt redresses the balance. The authors develop their arguments historically, recounting two millennia of public debt experience. They deploy a comprehensive database to identify the factors behind rising public debts and the circumstances under which high debts are successfully stabilized and brought down. Finally, they bring the story up to date, describing the role of public debt in managing the Covid-19 pandemic and recession, suggesting a way forward once governmentsnow more heavily indebted than beforefinally emerge from the crisis.

Author : Nicolas Barreyre,Nicolas Delalande
Publisher : Springer Nature
Page : 593 pages
File Size : 42,8 Mb
Release : 2020-10-26
Category : Business & Economics
ISBN : 9783030487942

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A World of Public Debts by Nicolas Barreyre,Nicolas Delalande Pdf

This book analyzes public debt from a political, historical, and global perspective. It demonstrates that public debt has been a defining feature in the construction of modern states, a main driver in the history of capitalism, and a potent geopolitical force. From revolutionary crisis to empire and the rise and fall of a post-war world order, the problem of debt has never been the sole purview of closed economic circles. This book offers a key to understanding the centrality of public debt today by revealing that political problems of public debt have and will continue to need a political response. Today’s tendency to consider public debt as a source of fragility or economic inefficiency misses the fact that, since the eighteenth century, public debts and capital markets have on many occasions been used by states to enforce their sovereignty and build their institutions, especially in times of war. It is nonetheless striking to observe that certain solutions that were used in the past to smooth out public debt crises (inflation, default, cancellation, or capital controls) were left out of the political framing of the recent crisis, therefore revealing how the balance of power between bondholders, taxpayers, pensioners, and wage-earners has evolved over the past 40 years. Today, as the Covid-19 pandemic opens up a dramatic new crisis, reconnecting the history of capitalism and that of democracy seems one of the most urgent intellectual and political tasks of our time. This global political history of public debt is a contribution to this debate and will be of interest to financial, economic, and political historians and researchers. Chapters 13 and 19 are available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 55,9 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Author : S. Ali Abbas,Alex Pienkowski,Kenneth Rogoff
Publisher : Oxford University Press
Page : 288 pages
File Size : 44,7 Mb
Release : 2019-10-21
Category : Business & Economics
ISBN : 9780192591401

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Sovereign Debt by S. Ali Abbas,Alex Pienkowski,Kenneth Rogoff Pdf

The last time global sovereign debt reached the level seen today was at the end of the Second World War, and this shaped a generation of economic policymaking. International institutions were transformed, country policies were often draconian and distortive, and many crises ensued. By the early 1970s, when debt fell back to pre-war levels, the world was radically different. It is likely that changes of a similar magnitude -for better and for worse - will play out over coming decades. Sovereign Debt: A Guide for Economists and Practitioners is an attempt to build some structure around the issues of sovereign debt to help guide economists, practitioners and policymakers through this complicated, but not intractable, subject. Sovereign Debt brings together some of the world's leading researchers and specialists in sovereign debt to cover a range of sub-disciplines within this vast topic. It explores debt management with debt sustainability; debt reduction policies with crisis prevention policies; and the history with the conjuncture. It is a foundation text for all those interested in sovereign debt, with a particular focus real world examples and issues.

Author : Richard M. Salsman
Publisher : Edward Elgar Publishing
Page : 336 pages
File Size : 40,7 Mb
Release : 2017-02-24
Category : Electronic
ISBN : 9781785363382

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The Political Economy of Public Debt by Richard M. Salsman Pdf

How have the most influential political economists of the past three centuries theorized about sovereign borrowing and shaped its now widespread use? That important question receives a comprehensive answer in this original work, featuring careful textual analysis and illuminating exhibits of public debt empirics since 1700. Beyond its value as a definitive, authoritative history of thought on public debt, this book rehabilitates and reintroduces a realist perspective into a contemporary debate now heavily dominated by pessimists and optimists alike.

Author : International Monetary Fund,World Bank
Publisher : International Monetary Fund
Page : 39 pages
File Size : 42,5 Mb
Release : 2003-09-12
Category : Business & Economics
ISBN : 9781498328920

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Guidelines for Public Debt Management -- Amended by International Monetary Fund,World Bank Pdf

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Author : Jaejoon Woo,Mr.Manmohan S. Kumar
Publisher : International Monetary Fund
Page : 48 pages
File Size : 53,6 Mb
Release : 2010-07-01
Category : Business & Economics
ISBN : 9781455201853

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Public Debt and Growth by Jaejoon Woo,Mr.Manmohan S. Kumar Pdf

This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over almost four decades, takes into account a broad range of determinants of growth as well as various estimation issues including reverse causality and endogeneity. In addition, threshold effects, nonlinearities, and differences between advanced and emerging market economies are examined. The empirical results suggest an inverse relationship between initial debt and subsequent growth, controlling for other determinants of growth: on average, a 10 percentage point increase in the initial debt-to-GDP ratio is associated with a slowdown in annual real per capita GDP growth of around 0.2 percentage points per year, with the impact being somewhat smaller in advanced economies. There is some evidence of nonlinearity with higher levels of initial debt having a proportionately larger negative effect on subsequent growth. Analysis of the components of growth suggests that the adverse effect largely reflects a slowdown in labor productivity growth mainly due to reduced investment and slower growth of capital stock.

Author : Martin Slater
Publisher : Oxford University Press
Page : 128 pages
File Size : 53,9 Mb
Release : 2018-09-01
Category : Business & Economics
ISBN : 9780190935047

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The National Debt by Martin Slater Pdf

While it is central to today's politics, few people fully understand the National Debt and its role in shaping the course of British history. Without it, Britain would not have gained-and lost-two empires, nor won its wars against France and Germany. But Britain has also been molded by attempts to break free of the Debt, from postwar Keynesian economics to today's austerity. Martin Slater writes a vivid tale colored with some of the most dramatic incidents and personalities of Britain's past-from clashes between King and Parliament, American independence and war in Europe, to the abolition of slavery, the development of the Union and the role of leading figures such as Pitt, Gladstone, Adam Smith and Keynes. From medieval times to the 2008 financial crash and beyond, The National Debt explores the changing fortunes of the Debt, and so of Great Britain.

Author : Carlo Cottarelli
Publisher : Brookings Institution Press
Page : 204 pages
File Size : 40,6 Mb
Release : 2017-09-05
Category : Political Science
ISBN : 9780815730699

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What We Owe by Carlo Cottarelli Pdf

The euro crisis, Japan's sluggish economy, and partisan disagreements in the United States about the role of government all have at least one thing in common: worries about high levels of public debt. Nearly everyone agrees that public debt in many advanced economies is too high to be sustainable and must be addressed. There is little agreement, however, about when and how that addressing should be done—or even, in many cases, just how serious the debt problem is. As the former director of the International Monetary Fund's Fiscal Affairs Department, Carlo Cottarelli has helped countries across the globe confront their public finance woes. He also had direct experience in advising his own country, Italy, about its chronic fiscal ailments. In this straightforward, plain-language book, Cottarelli explains how and why excessive public debt can harm economic growth and can lead to crises such as those experienced recently in Italy and several other European countries. But Cottarelli also has some good news: reducing public debt often can be done without trauma and through moderate changes in spending habits that contribute to economic growth. His book focuses on positive remedies that countries can adopt to deal with their public debt, analyzing both the benefits and potential downsides to each approach, as well as suggesting which remedies might be preferable in particular situations. Too often, public debate about public debt is burdened by lies and myths. This book not only explains the basic facts about public debt but also aims to bring truth and reasoned nonpartisan analysis to the debate.

Author : Carmen M. Reinhart,Kenneth S. Rogoff
Publisher : Princeton University Press
Page : 513 pages
File Size : 41,7 Mb
Release : 2011-08-07
Category : Business & Economics
ISBN : 9780691152646

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This Time Is Different by Carmen M. Reinhart,Kenneth S. Rogoff Pdf

An empirical investigation of financial crises during the last 800 years.

Author : L. V. Birck
Publisher : Unknown
Page : 0 pages
File Size : 53,6 Mb
Release : 2014
Category : Business & Economics
ISBN : 131581532X

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The Scourge of Europe (Routledge Revivals) by L. V. Birck Pdf

Written during the early 1920s, at a time when Europe was still recovering from the catastrophe of the First World War, L.V. Birck's The Scourge of Europe examines the economic issues surrounding the existence of public debt, its history, and possible approaches to problems associated with public debt as they were being pursued by the great powers of the time. Birck's analysis contains a rigorous theoretical exposition and explanation of public debt as it was understood in the crucial period leading up to the Great Depression. This is then followed by an insightful exploration of the role of public debt in European financial and economic history. Finally, some reflections on the policies of England, the United States, France and Germany in the latter part of the nineteenth and early-twentieth centuries are included. This book will appeal to economic and financial historians, as well as to those generally interested in European policies towards debt from the Middle Ages to modern times.

Author : Ernesto Crivelli,Mr.Sanjeev Gupta,Mr.Carlos Mulas-Granados,Carolina Correa-Caro
Publisher : International Monetary Fund
Page : 31 pages
File Size : 51,7 Mb
Release : 2016-09-19
Category : Business & Economics
ISBN : 9781475537024

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Fragmented Politics and Public Debt by Ernesto Crivelli,Mr.Sanjeev Gupta,Mr.Carlos Mulas-Granados,Carolina Correa-Caro Pdf

In this paper, we study the impact of fragmented politics on public debt—in particular, between two consecutive legislative elections. Using data for 92 advanced and developing countries during 1975-2015, we find a positive association between political fragmentation and public debt changes. Corruption magnifies the effects; with higher perceived corruption, political fragmentation has a bigger sway on debt increases. The influence of political fragmentation on debt dynamics is somewhat asymmetric, with larger and more significant effects during periods of debt reduction. Establishment of fiscal councils helps attenuate the negative impact of political fragmentation on public debt dynamics.

Author : James M. Buchanan,Richard E. Wagner
Publisher : Washington, D.C. : American Enterprise Institute for Public Policy Research
Page : 88 pages
File Size : 50,9 Mb
Release : 1967
Category : Business & Economics
ISBN : STANFORD:36105129755448

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Public Debt in a Democratic Society by James M. Buchanan,Richard E. Wagner Pdf