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Public Debt Through the Ages
by Barry J. Eichengreen, Asmaa A. ElGanainy, Rui Pedro Esteves, and Kris James Mitchener

Series:Working Paper No. 19/6
ISBN 9781484392898
Code: #WPIEA2019006

Publication year: 2019

Cdn: $27.00; US: $25.00
Paperback
Language: English
60 pages
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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.
Public Debt Through the Ages
Cdn: $27.00; US: $25.00
International Monetary Fund (IMF) BookID: 124316 Added: 2019.1.26