| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16775 |
| DP16775 What Has Been the Impact of COVID-19 on Debt? Turning a Wave into a Tsunami | |
| M. Ayhan Kose; Peter Nagle; Franziska Ohnsorge; Naotaka Sugawara | |
| 发表日期 | 2021-12-04 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper presents a comprehensive analysis of the impact of COVID-19 on debt, puts recent debt developments and prospects in historical context, and analyzes new policy challenges associated with debt resolution. The paper reports three main results. First, even before the pandemic, a rapid buildup of debt in emerging market and developing economies—dubbed the “fourth wave” of debt—had been underway. Because of the sharp increase in debt during the pandemic-induced global recession of 2020, the fourth wave of debt has turned into a tsunami and become even more dangerous. Second, five years after past global recessions, global government debt continued to increase. In light of this historical record, and given large financing gaps and significant investment needs in many countries, debt levels will likely continue to rise in the near future. Third, debt resolution has become more complicated because of a highly fragmented creditor base, a lack of transparency in debt reporting, and a legacy stock of government debt without collective action clauses. National policy makers and the global community need to act rapidly and forcefully ensure that the fourth wave does not end with a string of debt crises in emerging market and developing economies as earlier debt waves did. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Fiscal balance Government debt Private debt Global recessions Resolution |
| URL | https://cepr.org/publications/dp16775 |
| 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/545709 |
| 推荐引用方式 GB/T 7714 | M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,et al. DP16775 What Has Been the Impact of COVID-19 on Debt? Turning a Wave into a Tsunami. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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