Publication:
The Aftermath of Debt Surges

Simple item page
dc.contributor.authorReinhart, Carmen
dc.contributor.authorKose, M. Ayhan
dc.contributor.authorRogoff, Kenneth
dc.contributor.authorOhnsorge, Franziska
dc.date.accessioned2021-09-17T17:35:23Z
dc.date.available2021-09-17T17:35:23Z
dc.date.issued2021-09
dc.description.abstractDebt 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.en
dc.identifierhttp://documents.worldbank.org/curated/undefined/249451631308017450/The-Aftermath-of-Debt-Surges
dc.identifier.doi10.1596/1813-9450-9771
dc.identifier.urihttps://hdl.handle.net/10986/36279
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 9771
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectDEBT RESTRUCTURING
dc.subjectFISCAL CONSOLIDATION
dc.subjectFINANCIAL REPRESSION
dc.subjectECONOMIC GROWTH
dc.subjectINFLATION
dc.subjectDEBT BURDEN
dc.subjectDEBT SUSTAINABILITY
dc.subjectDEBT SERVICE
dc.titleThe Aftermath of Debt Surgesen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleThe Aftermath of Debt Surges
okr.date.disclosure2021-09-10
okr.date.doiregistration2025-04-10T10:23:39.590194Z
okr.date.lastmodified2021-09-10T00:00:00Zen
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/undefined/249451631308017450/The-Aftermath-of-Debt-Surges
okr.guid249451631308017450
okr.identifier.doi10.1596/1813-9450-9771
okr.identifier.externaldocumentum090224b088979ef8_1_0
okr.identifier.internaldocumentum33405459
okr.identifier.reportWPS9771
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/249451631308017450/pdf/The-Aftermath-of-Debt-Surges.pdfen
okr.topicPublic Sector Development::Public Sector Economics
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Economic Policy, Institutions and Governance
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.unitProspects Group and the Office of the Chief Economist, Development Economics Vice Presidency (DECVP)
relation.isAuthorOfPublicationac9fefe8-9d4d-555d-bb68-f056fd7a3790
relation.isAuthorOfPublication5807995a-9e0a-5d56-b622-d4d19e723613
relation.isAuthorOfPublication.latestForDiscovery5807995a-9e0a-5d56-b622-d4d19e723613
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
Files
Original bundle
Now showing 1 - 2 of 2
Thumbnail Image
Name:
The-Aftermath-of-Debt-Surges.pdf
Size:
508.44 KB
Format:
Adobe Portable Document Format
Download
No Thumbnail Available
Name:
The-Aftermath-of-Debt-Surges.txt
Size:
98.58 KB
Format:
Plain Text
Download
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.71 KB
Format:
Plain Text
Description:
Download
Collections
Policy Research Working Papers