From Financial Crash to Debt Crisis

• 成果类型: Article
• 署名作者: Reinhart, Carmen M.; Rogoff, Kenneth S.
• 署名单位: National Bureau of Economic Research; Harvard University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.101.5.1676
• 发表日期: 2011
• 页码: 1676-1706
• 关键词: balance; HISTORY; MODEL; time

摘要

Newly developed historical time series on public debt, along with data on external debts, allow a deeper analysis of the debt cycles underlying serial debt and banking crises. We test three related hypotheses at both world aggregate levels and on an individual country basis. First, external debt surges are an antecedent to banking crises. Second, banking crises (domestic and those in financial centers) often precede or accompany sovereign debt crises; we find they help predict them. Third, public borrowing surges ahead of external sovereign default, as governments have hidden domestic debts that exceed the better documented levels of external debt. (JEL E44, F34, F44, G01, H63, N20)