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Public Debt Through the Ages
Author:
Mr. Barry J. Eichengreen null

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Ms. Asmaa A ElGanainy
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Rui Pedro Esteves null

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Kris James Mitchener null

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Series:
IMF Working Papers
Volume/Issue:
Volume 2019: Issue 006
Language:
English
Publication Date:
15 Jan 2019
DOI:
https://doi.org/10.5089/9781484392898.001
ISBN:
9781484392898
ISSN:
1018-5941
Pages:
60
Keywords:
WP; government; debt; long-term debt; debt ratio; Soveriegn Debt; Debt History; Soveriegn Debt Crises; Sovereign Debt Composition; short-term debt; union government financing; public goods; gold standard; modernization agenda; Great Depression debt surge; Domestic debt; Debt reduction; Europe; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund