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...

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...

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...

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...

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...

Debt in service of the state -- States and the limits of borrowing -- Democratization and globalization -- Caveat emptor -- Managing problem debts -- Successful consolidation -- Warfare to welfare -- Cycles of debt -- Oil and water -- Missed opportunities -- Debt to the rescue -- COVID-19.