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Contribution Details
Type | Scientific Publication In Electronic Form |
Scope | Discipline-based scholarship |
Title | The reluctant defaulter: A tale of high government debt |
Organization Unit | |
Authors |
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Refereed | Yes |
Language |
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Place of Publication | London |
Publisher | VoxEU, CEPR Policy Portal |
Date | 2016-07-13 |
Abstract Text | Since the Global Crisis, sovereign debt levels have exploded in many OECD countries. This column presents a new measure of government debt – maximum sustainable debt. This measure takes account of the fact that a shortfall in growth naturally increases the probability of default, while allowing for the possibility of rollover. Applications to recent data suggest that without sufficient institutional constraints, governments will generally borrow up to a level close to the maximum that can be sustained. |
Free access at | Official URL |
Official URL | https://cepr.org/voxeu/columns/reluctant-defaulter-tale-high-government-debt |
Other Identification Number | merlin-id:14485 |
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