| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29266 |
| 来源ID | Working Paper 29266 |
| The Aftermath of Debt Surges | |
| M. Ayhan Kose; Franziska L. Ohnsorge; Carmen M. Reinhart; Kenneth S. Rogoff | |
| 发表日期 | 2021-09-20 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Debt in emerging market and developing economies (EMDEs) is at its highest level in half a century. In about nine out of 10 EMDEs, debt is higher now than it was in 2010 and, in half of the EMDEs, debt is more than 30 percentage points of gross domestic product higher. Historically, elevated debt levels increased the incidence of debt distress, particularly in EMDEs and particularly when financial market conditions turned less benign. This paper reviews an encompassing menu of options that have, in the past, helped lower debt burdens. Specifically, it examines orthodox options (enhancing growth, fiscal consolidation, privatization, and wealth taxation) and heterodox options (inflation, financial repression, debt default and restructuring). The mix of feasible options depends on country characteristics and the type of debt. However, none of these options comes without political, economic, and social costs. Some options may ultimately be ineffective unless vigorously implemented. Policy reversals in difficult times have been common. The challenges associated with debt reduction raise questions of global governance, including to what extent advanced economies can cast their net wider to cushion prospective shocks to EMDEs. |
| 主题 | Macroeconomics ; Business Cycles ; Fiscal Policy ; International Economics ; International Finance ; International Macroeconomics ; Globalization and International Relations ; Public Economics ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w29266 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586940 |
| 推荐引用方式 GB/T 7714 | M. Ayhan Kose,Franziska L. Ohnsorge,Carmen M. Reinhart,et al. The Aftermath of Debt Surges. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29266.pdf（249KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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