Public Debt Through the Ages

Barry Eichengreen, Asmaa El-Ganainy, Rui Esteves and Kris Mitchener

No 13471, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved. 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: Sovereign debt; Debt history; Sovereign debt crises; Sovereign debt composition (search for similar items in EconPapers)
JEL-codes: F3 H6 (search for similar items in EconPapers)
Date: 2019-01
New Economics Papers: this item is included in nep-his
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Citations: View citations in EconPapers (23)

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Working Paper: Public Debt Through the Ages (2019)
Working Paper: Public Debt Through the Ages (2019)
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