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A Mountain of Debt: Navigating the Legacy of the Pandemic

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dc.contributor.authorKose, M. Ayhan
dc.contributor.authorOhnsorge, Franziska
dc.contributor.authorSugawara, Naotaka
dc.date.accessioned2021-10-14T13:49:50Z
dc.date.available2021-10-14T13:49:50Z
dc.date.issued2021-10
dc.description.abstractThe COVID-19 pandemic has triggered a massive increase in global debt levels and exacerbated the trade-offs between the benefits and costs of accumulating government debt. This paper examines these trade-offs by putting the recent debt boom into a historical context. It reports three major findings. First, during the 2020 global recession, both global government and private debt levels rose to record highs, and at their fastest single-year pace, in five decades. Second, the debt-financed, massive fiscal support programs implemented during the pandemic supported activity and illustrated the benefits of accumulating debt. However, as the recovery gains traction, the balance of benefits and costs of debt accumulation could increasingly tilt toward costs. Third, more than two-thirds of emerging market and developing economies are currently in government debt booms. On average, the current booms have already lasted three years longer, and are accompanied by a considerably larger fiscal deterioration, than earlier booms. About half of the earlier debt booms were associated with financial crises in emerging market and developing economies.en
dc.identifierhttp://documents.worldbank.org/curated/undefined/258761633705709997/A-Mountain-of-Debt-Navigating-the-Legacy-of-the-Pandemic
dc.identifier.doi10.1596/1813-9450-9800
dc.identifier.urihttps://hdl.handle.net/10986/36386
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 9800
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectFISCAL POLICY
dc.subjectSOVEREIGN DEBT
dc.subjectPRIVATE DEBT
dc.subjectDEFICITS
dc.subjectCORONAVIRUS
dc.subjectCOVID-19
dc.subjectPANDEMIC IMPACT
dc.subjectPANDEMIC RESPONSE
dc.titleA Mountain of Debten
dc.title.subtitleNavigating the Legacy of the Pandemicen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleA Mountain of Debt: Navigating the Legacy of the Pandemic
okr.date.disclosure2021-10-08
okr.date.doiregistration2025-04-10T10:23:43.063231Z
okr.date.lastmodified2021-10-08T00:00:00Zen
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/undefined/258761633705709997/A-Mountain-of-Debt-Navigating-the-Legacy-of-the-Pandemic
okr.guid258761633705709997
okr.identifier.doi10.1596/1813-9450-9800
okr.identifier.externaldocumentum090224b088a55ba7_1_0
okr.identifier.internaldocumentum33476302
okr.identifier.reportWPS9800
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/258761633705709997/pdf/A-Mountain-of-Debt-Navigating-the-Legacy-of-the-Pandemic.pdfen
okr.topicPublic Sector Development::Public Sector Economics
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicInternational Economics and Trade::External Debt
okr.topicMacroeconomics and Economic Growth::Business Cycles and Stabilization Policies
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.topicMacroeconomics and Economic Growth::Macroeconomic Management
okr.unitProspects Group
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relation.isAuthorOfPublication15ad6511-d287-58b3-a826-22cbb2bd8097
relation.isAuthorOfPublication.latestForDiscovery5807995a-9e0a-5d56-b622-d4d19e723613
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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