the same time, private debt levels, particularly those of financial institutions and households, are in uncharted …, 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 …

central government debt increases, on average, by about 86 percent. Thus the fiscal burden of banking crisis extends far …