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Author: Ms.Carmen Reinhart Publisher: International Monetary Fund ISBN: 1484369238 Category : Business & Economics Languages : en Pages : 47
Book Description
High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.
Author: Ms.Carmen Reinhart Publisher: International Monetary Fund ISBN: 1484369238 Category : Business & Economics Languages : en Pages : 47
Book Description
High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.
Author: Lawrence Malkin Publisher: Macmillan ISBN: 0805003827 Category : Business & Economics Languages : en Pages : 325
Book Description
Explains the national debt and reveals the constraints this debt imposes on society, the threat it poses to political stability, and what it means to the individual American
Author: Ms.Carmen Reinhart
Author: Ms.Carmen Reinhart
Author: Robert Morris
Author: James Sloan Gibbons
Author: Richard Heathfield
Author: James Sloan Gibbons
Author: Richard Heathfield
Author: Jan Hendrik Hofmeyr
Author: Robert MORRIS (Writer on Finance.)
Author: Richard Heathfield
Author: Lawrence Malkin