Dealing with debt

Carmen Reinhart, Vincent Reinhart and Kenneth Rogoff

Scholarly Articles from Harvard University Department of Economics

Abstract: This paper explores the menu of options for renormalizing public debt levels relative to nominal activity in the long run, should governments eventually decide to do so. Although debt ratios may need to rise further in some cases, a vision of longer-term options is key to weighing alternative medium-term stabilization strategies. Orthodox ones, the standard fare of officialdom, include enhancing growth, running primary budget surpluses, and privatizing government assets. Heterodox polices include restructuring debt contracts, generating unexpected inflation, taxing wealth, and repressing private finance. Advanced countries have relied far more on heterodox approaches than many observers choose to remember.

Date: 2015
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Citations: View citations in EconPapers (39)

Published in Journal of International Economics

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Journal Article: Dealing with debt (2015)
Working Paper: Dealing with Debt (2015)
Chapter: Dealing with Debt (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:hrv:faseco:23936571

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