Emerging market and developing economies have experienced recurrent episodes of rapid debt accumulation over the past … fifty years. This paper examines the consequences of debt accumulation using a three-pronged approach: an event study of … debt accumulation episodes in 100 emerging market and developing economies since 1970; a series of econometric models …

In studies concluding that public debt may hamper GDP growth, the debt tipping effects are estimated as if there were a … concessions and uncollected taxes as contributors to government debt. The conflation entices adherents to see all increases in … government debt as arising from excessive expenditures, so that in the current crisis, the real problems are unaddressed. Instead …

We construct a new, comprehensive instrument-level database of sovereign debt for 18 advanced and emerging countries … over the period 1913-46. The database contains data on amounts outstanding for some 3,800 individual debt instruments as … notoriously high debt levels. We document how interwar governments rolled over debts that were largely unsustainable and how the …

headlines since 2010. Events now known as banking or government debt crises often have had elements of both, and could have gone … banking crises as banks were for resolving sovereign debt crises. As capital movements have become more rapid and global, the …