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Author: Ms.Carmen Reinhart
Publisher: International Monetary Fund
ISBN: 1484369238
Category : Business & Economics
Languages : en
Pages : 47
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Book Description
High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.
Author: Ms.Carmen Reinhart
Publisher: International Monetary Fund
ISBN: 1484369238
Category : Business & Economics
Languages : en
Pages : 47
Get Book
Book Description
High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.
Author: Robert Morris
Publisher:
ISBN:
Category : Debts, Public
Languages : en
Pages : 302
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Book Description
Author: James Sloan Gibbons
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 304
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Author: Richard Heathfield
Publisher:
ISBN:
Category : Debts, Public
Languages : en
Pages : 40
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Book Description
Author: James Sloan Gibbons
Publisher:
ISBN:
Category : Debts, Public
Languages : en
Pages : 304
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Book Description
Author: Richard Heathfield
Publisher:
ISBN:
Category : Debts, Public
Languages : en
Pages : 58
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Author: Jan Hendrik Hofmeyr
Publisher:
ISBN:
Category : Debts, Public
Languages : en
Pages : 120
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Author: Robert MORRIS (Writer on Finance.)
Publisher:
ISBN:
Category :
Languages : en
Pages : 34
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Author: Richard Heathfield
Publisher:
ISBN:
Category : Debts, Public
Languages : en
Pages : 62
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Book Description
Author: Lawrence Malkin
Publisher: Macmillan
ISBN: 0805003827
Category : Business & Economics
Languages : en
Pages : 325
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Book Description