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Can This Time Be Different? Policy Options in Times of Rising Debt

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dc.contributor.authorNagle, Peter S.O
dc.contributor.authorKose, M. Ayhan
dc.contributor.authorOhnsorge, Franziska L.
dc.contributor.authorSugawara, Naotaka
dc.date.accessioned2020-03-12T15:54:03Z
dc.date.available2020-03-12T15:54:03Z
dc.date.issued2020-03
dc.description.abstractEpisodes of debt accumulation have been a recurrent feature of the global economy over the past fifty years. Since 2010, emerging and developing economies have experienced another wave of historically large and rapid debt accumulation. Similar past debt buildups have often ended in widespread financial crises in these economies. This paper examines the factors that are likely to determine the outcome of the most recent debt wave, and considers policy options to help reduce the likelihood that it ends again in widespread crises. It reports two main results. First, the rapid increase in debt has made emerging and developing economies more vulnerable to shifts in market sentiment, notwithstanding historically low global interest rates. Second, policy options are available to lower the likelihood of financial crises, and to help manage the adverse impacts of crises when they do occur. These include sound debt management, strong monetary and fiscal frameworks, and robust bank supervision and regulation. The post-crisis debt buildup has coincided with a period of subdued growth as well as the emergence of non-traditional creditors. As a result, policy priorities also need to ensure that debt is spent on productive purposes to improve growth prospects and that all debt-related transactions are transparently reported.en
dc.identifierhttp://documents.worldbank.org/curated/en/916221583844322496/Can-This-Time-Be-Different-Policy-Options-in-Times-of-Rising-Debt
dc.identifier.doi10.1596/1813-9450-9178
dc.identifier.urihttps://hdl.handle.net/10986/33427
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 9178
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectFINANCIAL CRISIS
dc.subjectCURRENCY CRISIS
dc.subjectDEBT CRISIS
dc.subjectDEBT SUSTAINABILITY
dc.subjectPUBLIC DEBT
dc.subjectPRIVATE DEBT
dc.subjectEXTERNAL DEBT
dc.subjectDEBT WAVE
dc.subjectEMERGING MARKET ECONOMIES
dc.subjectPUBLIC FINANCIAL MANAGEMENT
dc.subjectFISCAL POLICY
dc.subjectMONETARY POLICY
dc.titleCan This Time Be Different? Policy Options in Times of Rising Debten
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleCan This Time Be Different? Policy Options in Times of Rising Debt
okr.date.disclosure2020-03-10
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/916221583844322496/Can-This-Time-Be-Different-Policy-Options-in-Times-of-Rising-Debt
okr.guid916221583844322496
okr.identifier.doi10.1596/1813-9450-9178
okr.identifier.externaldocumentum090224b0876da764_1_0
okr.identifier.internaldocumentum31854792
okr.identifier.reportWPS9178
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/916221583844322496/pdf/Can-This-Time-Be-Different-Policy-Options-in-Times-of-Rising-Debt.pdfen
okr.statistics.combined2404
okr.statistics.dr916221583844322496
okr.statistics.drstats1755
okr.topicPublic Sector Development::Public Financial Management
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicFinance and Financial Sector Development::Strategic Debt Management
okr.topicInternational Economics and Trade::External Debt
okr.topicMacroeconomics and Economic Growth::Economic Adjustment and Lending
okr.topicMacroeconomics and Economic Growth::Economic Policy, Institutions and Governance
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.unitProspects Group
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relation.isAuthorOfPublication5807995a-9e0a-5d56-b622-d4d19e723613
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relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
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