Public debt through the ages
by Barry Eichengreen, Asmaa El-Ganainy, Rui Pedro Esteves & Kris James Mitchener
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
Year of publication: |
2019
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Authors: | Eichengreen, Barry ; ElGanainy, Asmaa Adel ; Esteves, Rui Pedro ; Mitchener, Kris |
Publisher: |
[Washington, DC] : International Monetary Fund |
Subject: | Öffentliche Schulden | Public debt | Militärausgaben | Military expenditure | Öffentliche Ausgaben | Public expenditure | Öffentliche Dienstleistung | Public services | Haushaltsdefizit | Budget deficit | Haushaltskonsolidierung | Fiscal consolidation | Finanzgeschichte | Fiscal history | Welt | World |
Saved in:
freely available
Extent: | 1 Online-Ressource (circa 61 Seiten) Illustrationen |
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Series: | IMF working papers. - Washington, DC : IMF, ZDB-ID 2108494-4. - Vol. WP/19, 6 |
Type of publication: | Book / Working Paper |
Type of publication (narrower categories): | Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper |
Language: | English |
ISBN: | 978-1-4843-9289-8 |
Other identifiers: | 10.5089/9781484392898.001 [DOI] |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10012001483