crises. In this paper we discuss three concepts widely used in this literature. Two of them original sin' and debt … countries have in servicing and repaying their debts. The debt-intolerance school traces the problem to institutional weaknesses …

crises. In this paper we discuss three concepts widely used in this literature. Two of them original sin' and debt … countries have in servicing and repaying their debts. The debt-intolerance school traces the problem to institutional weaknesses …

The Global Financial Crisis and the COVID-19 pandemic bequeathed large increases in public debt. At some point … governments may seek to bring down these elevated debt-to-GDP ratios, including by inflating (by raising nominal GDP). We assemble … a panel of debt consolidation episodes spanning 220 years and 183 nations. The evidence confirms that moderate inflation …