This book presents evidence that public debts in the advanced economies have surged in recent years to levels not recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression. At the same time, private debt levels, particularly those of financial institutions and households, are in uncharted territory and are (in varying degrees) a contingent liability of the public sector in many countries. Historically, high leverage episodes have been associated with slower ...
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This book presents evidence that public debts in the advanced economies have surged in recent years to levels not recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression. At the same time, private debt levels, particularly those of financial institutions and households, are in uncharted territory and are (in varying degrees) a contingent liability of the public sector in many countries. Historically, high leverage episodes have been associated with slower economic growth and a higher incidence of default or, more generally, restructuring of public and private debts. A more subtle form of debt restructuring in the guise of "financial repression" (which had its heyday during the tightly regulated Bretton Woods system) also importantly facilitated sharper and more rapid debt reduction than would have otherwise been the case from the late 1940s to the 1970s. It is conjectured here that the pressing needs of governments to reduce debt rollover risks and curb rising interest expenditures in light of the substantial debt overhang (combined with the widespread "official aversion" to explicit restructuring) are leading to a revival of financial repression--including more directed lending to government by captive domestic audiences (such as pension funds), explicit or implicit caps on interest rates, and tighter regulation on cross-border capital movements.
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Publisher:
The Peterson Institute for International Economics
Published:
7/30/2011 12: 00: 00 AM
Language:
English
Alibris ID:
17891577214
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PLEASE NOTE, WE DO NOT SHIP TO DENMARK. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Please note we cannot offer an expedited shipping service from the UK.
Publisher:
The Peterson Institute for International Economics
Published:
7/30/2011 12: 00: 00 AM
Language:
English
Alibris ID:
17891696115
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PLEASE NOTE, WE DO NOT SHIP TO DENMARK. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Please note we cannot offer an expedited shipping service from the UK.
Publisher:
The Peterson Institute for International Economics
Published:
2011
Language:
English
Alibris ID:
17819522375
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New. Series: Policy Analyses in International Economics. Num Pages: 200 pages, black & white tables, figures, graphs. BIC Classification: KC. Category: (P) Professional & Vocational. Dimension: 229 x 156 x 11. Weight in Grams: 266. 2011. Paperback.....We ship daily from our Bookshop.
Publisher:
The Peterson Institute for International Economics
Published:
2011
Language:
English
Alibris ID:
17514868497
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Very Good. Very Good condition. A copy that may have a few cosmetic defects. May also contain light spine creasing or a few markings such as an owner's name, short gifter's inscription or light stamp. Bundled media such as CDs, DVDs, floppy disks or access codes may not be included.
Publisher:
The Peterson Institute for International Economics
Published:
2011
Language:
English
Alibris ID:
17221483328
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This is an ex-library book and may have the usual library/used-book markings inside. This book has soft covers. Clean from markings In good all round condition. Please note the Image in this listing is a stock photo and may not match the covers of the actual item, 350grams, ISBN: 9780881326222.
Publisher:
The Peterson Institute for International Economics
Published:
2011
Language:
English
Alibris ID:
17221484716
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This is an ex-library book and may have the usual library/used-book markings inside. This book has soft covers. Book contains pencil markings In fair condition, suitable as a study copy. Please note the Image in this listing is a stock photo and may not match the covers of the actual item, 350grams, ISBN: 9780881326222.
