| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16637 |
| DP16637 A Mountain of Debt: Navigating the Legacy of the Pandemic | |
| M. Ayhan Kose; Franziska Ohnsorge; Naotaka Sugawara | |
| 发表日期 | 2021-10-14 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | The 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. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Covid-19 Fiscal policy Sovereign debt Private debt Deficits |
| URL | https://cepr.org/publications/dp16637 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545577 |
| 推荐引用方式 GB/T 7714 | M. Ayhan Kose,Franziska Ohnsorge,Naotaka Sugawara. DP16637 A Mountain of Debt: Navigating the Legacy of the Pandemic. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
