Public Debt Through the Ages

Barry Eichengreen, Asmaa ElGanainy, Rui Esteves and Kris James Mitchener

No 2019/006, IMF Working Papers from International Monetary Fund

Abstract: 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.

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 (search for similar items in EconPapers)
Pages: 60
Date: 2019-01-15
New Economics Papers: this item is included in nep-his
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Citations: View citations in EconPapers (18)

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