The Sovereign Debt Crisis: Placing a curb on growth

Anton Brender, Florence Pisani and Emile Gagna

CEPS Papers from Centre for European Policy Studies

Abstract: To ward off the threat of a worldwide depression that loomed at the end of the 2000s, governments opted to run up substantial fiscal deficits. In doing so, they sowed the seeds of the sovereign debt crisis. Saddled with often high debt burdens and modest growth prospects, developed countries’ governments must now rebalance their budgets. Doing so too rapidly, however, will choke growth. Faced with this dilemma, Japan and the United States have pursued growth policies while the euro area members are quickly trying to rebalance their budgets. This book explores the respective risks associated with these two strategies. It further investigates the consequences for the international monetary and financial system of developing countries’ public debts ceasing to be risk-free.

Pages: 8 pages
Date: 2012-05
New Economics Papers: this item is included in nep-eec and nep-pbe
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