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 …

public and private debts. Sometimes the debt restructuring is subtle and takes the form of, “financial repression.” In the … reduction in public debt/GDP ratios from the late 1940s to the 1970s. In this paper, we summarize our findings for the post …

financial stress measure, the debt-to-GDP ratio, borrowing costs and real GDP growth. Our model allows for the impact of debt … low as opposed to the high-growth regime. We also find that positive shocks to debt/GDP depress economic growth and raise …