In Defense of Public Debt

Barry Eichengreen

Ensayos Económicos, 2022, vol. 1, issue 79, 111-118

Abstract: I offer a balanced view of the benefits and risks of public debt issuance. The role of public debt in mobilizing resources to meet national emergencies is a historical constant, most recently illustrated by the response to the COVID-19 pandemic. But this emergency response also leaves a legacy. I reflect on the prospects for debt consolidation and on how governments should meet the challenge of managing public debt now as we enter a period of higher global interest rates.

Keywords: economic history; public debt; sovereign debt (search for similar items in EconPapers)
JEL-codes: G1 N1 (search for similar items in EconPapers)
Date: 2022
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