The Pandemic’s Pernicious Public Debt Legacy

Anthony Makin

Chapter 2 in Financial Transformations Beyond the COVID-19 Health Crisis, 2022, pp 45-62 from World Scientific Publishing Co. Pte. Ltd.

Abstract: This chapter focuses on the rise in global public debt resulting from the fiscal responses of governments around the world to the COVID-19 crisis. After outlining key features of the global fiscal response, the chapter briefly evaluates their efficacy before assessing the resurgence of thinking that neglects the risk high public debt poses. It then proposes fiscal and other reform measures needed to address the public debt legacy, stressing the need to reduce government spending, and the size of government in advanced economies in particular, to ensure public debt sustainability and a revival of economic growth going forward.

Keywords: COVID19; Pandemic; Pandemic Outbreak; Health Crisis; Economics; Macroeconomics; Finance; Sustainable Finance; Financial Crisis; Financial Integration; Economic Integration; Global Financial Crisis; Financial Institutions; Corporate Finance; Corporate Governance; Board of Directors; ESG; Corporate Social Responsibility; Sustainable Finance; Stock Markets; Financial Markets; Stock Market Behaviour; Firm Liquidity; Emerging Markets; China; Financial Institutions; Money; Banks; Banking System; Banking Sector; Business Groups; Resilience; Safe Heaven; Gold; Oil; Peer-to-Peer Lending Market; Foreign Trading; Stock Market Volatility; Extreme Events (search for similar items in EconPapers)
JEL-codes: F4 F62 G15 G17 G3 O16 (search for similar items in EconPapers)
Date: 2022
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