Dealing with debt

• 成果类型: Article; Proceedings Paper
• 署名作者: Reinhart, Carmen M.; Reinhart, Vincent; Rogoff, Kenneth
• 署名单位: Harvard University; American Enterprise Institute for Public Policy Research; Harvard University
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2014.11.001
• 发表日期: 2015
• 页码: S43-S55
• 关键词: Debt overhang; fiscal policy; Interest rates

摘要

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. (C) 2015 Elsevier B.V. All rights reserved.