全球智库信息集成服务系统(G2TT): DP14528 Can This Time Be Different? Policy Options in Times of Rising Debt

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP14528
	DP14528 Can This Time Be Different? Policy Options in Times of Rising Debt
	M. Ayhan Kose; Peter Nagle; Franziska Ohnsorge; Naotaka Sugawara
发表日期	2020-03-24
出版年	2020
语种	英语
摘要	Episodes of debt accumulation have been a recurrent feature of the global economy over the past fifty years. Since 2010, emerging and developing economies have experienced another wave of historically large and rapid debt accumulation. Similar past debt buildups have often ended in widespread financial crises in these economies. This paper examines the factors that are likely to determine the outcome of the most recent debt wave, and considers policy options to help reduce the likelihood that it ends again in widespread crises. It reports two main results. First, the rapid increase in debt has made emerging and developing economies more vulnerable to shifts in market sentiment, notwithstanding historically low global interest rates. Second, policy options are available to lower the likelihood of financial crises, and to help manage the adverse impacts of crises when they do occur. These include sound debt management, strong monetary and fiscal frameworks, and robust bank supervision and regulation. The post-crisis debt buildup has coincided with a period of subdued growth as well as the emergence of non-traditional creditors. As a result, policy priorities also need to ensure that debt is spent on productive purposes to improve growth prospects and that all debt-related transactions are transparently reported.
主题	International Macroeconomics and Finance
关键词	Financial crises Currency crises Debt crises Banking crises Public debt Private debt External debt
URL	https://cepr.org/publications/dp14528
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/543432
推荐引用方式 GB/T 7714	M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,et al. DP14528 Can This Time Be Different? Policy Options in Times of Rising Debt. 2020.