Dealing With High Debt In An Era Of Low Growth
DOWNLOAD
Download Dealing With High Debt In An Era Of Low Growth PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Dealing With High Debt In An Era Of Low Growth book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Dealing With High Debt In An Era Of Low Growth
DOWNLOAD
Author : S. M. Ali Abbas
language : en
Publisher: International Monetary Fund
Release Date : 2013-09-23
Dealing With High Debt In An Era Of Low Growth written by S. M. Ali Abbas and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-09-23 with Business & Economics categories.
task has become particularly challenging in European advanced economies where expectations of low growth and limits to monetary policy support are shifting the burden of adjustment onto fiscal consolidation. The SDN will investigate the main drivers behind successful past debt reversals, focusing on macroeconomic and financial market conditions, the speed and form of fiscal adjustment, and the institutional policy setting, among other things. Its policy conclusions will depend on the emerging stylized facts but are likely to include considerations on the design and pace of fiscal consolidation, taking into account country-specific as well as regional economic, institutional, and political factors.
Global Waves Of Debt
DOWNLOAD
Author : M. Ayhan Kose
language : en
Publisher: World Bank Publications
Release Date : 2021-03-03
Global Waves Of Debt written by M. Ayhan Kose and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-03 with Business & Economics categories.
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Public Debt And Growth
DOWNLOAD
Author : Jaejoon Woo
language : en
Publisher: International Monetary Fund
Release Date : 2010-07-01
Public Debt And Growth written by Jaejoon Woo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-07-01 with Business & Economics categories.
This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over almost four decades, takes into account a broad range of determinants of growth as well as various estimation issues including reverse causality and endogeneity. In addition, threshold effects, nonlinearities, and differences between advanced and emerging market economies are examined. The empirical results suggest an inverse relationship between initial debt and subsequent growth, controlling for other determinants of growth: on average, a 10 percentage point increase in the initial debt-to-GDP ratio is associated with a slowdown in annual real per capita GDP growth of around 0.2 percentage points per year, with the impact being somewhat smaller in advanced economies. There is some evidence of nonlinearity with higher levels of initial debt having a proportionately larger negative effect on subsequent growth. Analysis of the components of growth suggests that the adverse effect largely reflects a slowdown in labor productivity growth mainly due to reduced investment and slower growth of capital stock.
New Evidence On Debt As An Obstacle For Us Economic Growth
DOWNLOAD
Author : Thomas J. Grennes
language : en
Publisher:
Release Date : 2019
New Evidence On Debt As An Obstacle For Us Economic Growth written by Thomas J. Grennes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
The US government debt is now in uncharted waters. From the founding of the nation until 1968, government debt moved up and down without a trend, but over the past 50 years, debt relative to the size of the economy has increased continuously. The United States does not appear to have a coherent debt policy. It is not Greece, and there is no evidence of a likely default on US government bonds in the near future. However, there is evidence that Americans have already borne the costs of high debt levels, and without a reform of policy these costs will continue in the future. Using a new econometric technique for threshold autoregression and a debt measure that includes private debt as well as public debt, we estimate that in the period 1995 to 2014, US economic growth was more than 1 percentage point lower than it would have been at a debt level below the threshold. Other Organisation for Economic Co-operation and Development (OECD) countries also had lower growth rates as a result of high debt levels. Many countries have recently adopted some form of fiscal rule, including balanced budgets, intended to limit debt and raise growth rates. Fiscal rules involve a tradeoff between limiting debt and preserving flexibility to respond to economic shocks. In this paper we discuss problems related to designing optimal fiscal rules.
World Economic Outlook October 2012
DOWNLOAD
Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2012-10-08
World Economic Outlook October 2012 written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10-08 with Business & Economics categories.
The October 2012 World Economic Outlook (WEO) assesses the prospects for the global recovery in light of such risks as the ongoing euro area crisis and the "fiscal cliff" facing U.S. policymakers. Reducing the risks to the medium-term outlook implies reducing public debt in the major advanced economies, and Chapter 3 explores 100 years of history of dealing with public debt overhangs. In emerging market and developing economies, activity has been slowed by policy tightening in response to capacity constraints, weaker demand from advanced economies, and country-specific factors, but policy improvements have raised these economies' resilience to shocks, an issue explored in depth in Chapter 4.
Does High Public Debt Consistently Stifle Economic Growth
DOWNLOAD
Author : Thomas Herndon
language : en
Publisher:
Release Date : 2013
Does High Public Debt Consistently Stifle Economic Growth written by Thomas Herndon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Debts, Public categories.
"They replicate Reinhart and Rogo (2010a and 2010b) and that coding errors, selective exclusion of available data, and unconventional weighting of summary statistics lead to serious errors that inaccurately represent the relationship between public debt and GDP growth among 20 advanced economies in the post-war period. Their ending is that when properly calculated, the average real GDP growth rate for countries carrying a public-debt-to-GDP ratio of over 90 percent is actually 2.2 percent, not 0:1 percent as published in Reinhart and Rogo. That is, contrary to RR, average GDP growth at public debt/GDP ratios over 90 percent is not dramatically different than when debt/GDP ratios are lower. They also show how the relationship between public debt and GDP growth varies significantly by time period and country. Overall, the evidence they review contradicts Reinhart and Rogo's claim to have identied an important stylized fact, that public debt loads greater than 90 percent of GDP consistently reduce GDP growth."--Abstract.
Inflation In Times Of High Debt
DOWNLOAD
Author : Veronique de Rugy
language : en
Publisher:
Release Date : 2022
Inflation In Times Of High Debt written by Veronique de Rugy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
A growing number of economists hold the view that the US government's growing debt is nothing to worry about. They believe this because real interest rates are not only historically low but are also forecast to stay low for a long time. As such, the government can carry high debt levels without worrying about debt sustainability. In addition, some economists argue that, in countries where low real interest rates and the negative interest-rate-minus-growth differential are sustained, the government can increase primary deficits without worrying about future costs. However, a deeper fact should worry economists more than it does - namely, it is hard for government to make good policies when it swells so large that it has little practical choice but to depend on annual deficit financing. In particular, high and growing levels of public debt are likely to induce higher inflation while the growing burden of debt and deficit financing increases political pressure to continue pursuing inflationary policy. High debt levels also make inflation harder to control if it becomes persistent.
The Liquidation Of Government Debt
DOWNLOAD
Author : Ms.Carmen Reinhart
language : en
Publisher: International Monetary Fund
Release Date : 2015-01-21
The Liquidation Of Government Debt written by Ms.Carmen Reinhart and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-21 with Business & Economics categories.
High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.
Public Debt Through The Ages
DOWNLOAD
Author : Mr.Barry J. Eichengreen
language : en
Publisher: International Monetary Fund
Release Date : 2019-01-15
Public Debt Through The Ages written by Mr.Barry J. Eichengreen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-15 with Business & Economics categories.
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 resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible.
Debt And Growth Nexus For European Economies
DOWNLOAD
Author : Juergen Attard
language : en
Publisher:
Release Date : 2019-09-16
Debt And Growth Nexus For European Economies written by Juergen Attard and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-16 with categories.
Master's Thesis from the year 2019 in the subject Economics - Economic Cycle and Growth, The University of York, course: MSc Economics, language: English, abstract: Despite the European sovereign debt crisis, few empirical studies have examined the debt and growth nexus for European economies, particularly on a holistic European level. This study sets out to address this gap by using data for 25 European Union member states to carry out a comprehensive analysis of the impact of debt on economic growth. A panel autoregressive distributed lag model (ARDL) is used to analyse the impact of debt on growth. This framework helps in determining both the long and short-run impact of debt on growth. This mitigates some limitations of previous empirical literature that explains either the short- or long-run effect. The full panel ARDL estimation illustrates a negative relationship between debt and growth both over the long and short-term. The debt and growth nexus, although of different magnitudes, is also negative across high and low levels of debt and across different time periods. Finally, a Dumitrescu Hurlin panel causality test is carried out to establish the causal direction between debt and growth. Evidence of bidirectional causality is detected for the full panel of countries. However, the direction of causality varies between countries with high and low average debt-to-GDP ratio. In the aftermath of the 2007 global financial and economic crisis, the level of global public debt has increased significantly. This upsurge in global public debt has led to the revival of the academic debate on public debt and economic growth nexus. With global debt levels well above those registered in 2008, it is vital to analyse the repercussions that government debt has on growth. Empirical research in this area is key to identify the policy recommendations needed to avoid another economic crisis.