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What Has Been the Impact of COVID-19 on Debt? Turning a Wave into a Tsunami

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dc.contributor.authorKose, M. Ayhan
dc.contributor.authorNagle, Peter
dc.contributor.authorOhnsorge, Franziska
dc.contributor.authorSugawara, Naotaka
dc.date.accessioned2021-12-03T15:10:25Z
dc.date.available2021-12-03T15:10:25Z
dc.date.issued2021-11
dc.description.abstractThis paper presents a comprehensive analysis of the impact of COVID-19 on debt, puts recent debt developments and prospects in historical context, and analyzes new policy challenges associated with debt resolution. The paper reports three main results. First, even before the pandemic, a rapid buildup of debt in emerging market and developing economies—dubbed the “fourth wave” of debt—had been underway. Because of the sharp increase in debt during the pandemic-induced global recession of 2020, the fourth wave of debt has turned into a tsunami and become even more dangerous. Second, five years after past global recessions, global government debt continued to increase. In light of this historical record, and given large financing gaps and significant investment needs in many countries, debt levels will likely continue to rise in the near future. Third, debt resolution has become more complicated because of a highly fragmented creditor base, a lack of transparency in debt reporting, and a legacy stock of government debt without collective action clauses. National policy makers and the global community need to act rapidly and forcefully ensure that the fourth wave does not end with a string of debt crises in emerging market and developing economies as earlier debt waves did.en
dc.identifierhttp://documents.worldbank.org/curated/undefined/801991638297695658/What-Has-Been-the-Impact-of-COVID-19-on-Debt-Turning-a-Wave-into-a-Tsunami
dc.identifier.doi10.1596/1813-9450-9871
dc.identifier.urihttps://hdl.handle.net/10986/36647
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 9871
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectCORONAVIRUS
dc.subjectCOVID-19
dc.subjectPANDEMIC IMPACT
dc.subjectPUBLIC DEBT
dc.subjectFISCAL TRENDS
dc.subjectPRIVATE DEBT
dc.subjectGLOBAL RECESSION
dc.subjectBUSINESS CYCLE
dc.titleWhat Has Been the Impact of COVID-19 on Debt? Turning a Wave into a Tsunamien
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleWhat has been the Impact of COVID-19 on Debt? Turning a Wave into a Tsunami
okr.date.disclosure2021-11-30
okr.date.doiregistration2025-04-10T10:23:46.342142Z
okr.date.lastmodified2021-11-30T00:00:00Zen
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/undefined/801991638297695658/What-Has-Been-the-Impact-of-COVID-19-on-Debt-Turning-a-Wave-into-a-Tsunami
okr.guid801991638297695658
okr.identifier.doi10.1596/1813-9450-9871
okr.identifier.externaldocumentum090224b088bd5523_1_0
okr.identifier.internaldocumentum33651055
okr.identifier.reportWPS9871
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/801991638297695658/pdf/What-Has-Been-the-Impact-of-COVID-19-on-Debt-Turning-a-Wave-into-a-Tsunami.pdfen
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicInternational Economics and Trade::External Debt
okr.topicHealth, Nutrition and Population::Disease Control & Prevention
okr.topicMacroeconomics and Economic Growth::Business Cycles and Stabilization Policies
okr.topicMacroeconomics and Economic Growth::Macroeconomic Management
okr.topicPublic Sector Development::Public Sector Economics
okr.unitProspects Group
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