The Forgotten History of Domestic Debt

• 成果类型: Article
• 署名作者: Reinhart, Carmen M.; Rogoff, Kenneth S.
• 署名单位: Harvard University; Centre for Economic Policy Research - UK; National Bureau of Economic Research
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2011.02426.x
• 发表日期: 2011
• 页码: 319-350
• 关键词: inflation

摘要

The literature on domestic debt default is sparse, as are the data. We compile a database on public debt that spans the nineteenth century to 2010. Our findings are as follows. First, domestic debt accounts for almost two-thirds of public debt. Second, the data help to explain the puzzle of why countries default on external debts at seemingly low debt thresholds. Third, domestic debt (which is often larger than the monetary base in the run-up to high inflation) has largely been ignored in the inflation literature. Last, the view that domestic residents are junior to external creditors does not find broad support.