Reinhart, Carmen M.; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2011
the same time, private debt levels, particularly those of financial institutions and households, are in uncharted … 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 …