Author: Publisher:
ISBN:
Category : Great Britain
Languages : en
Pages : 1014
Book Description
The New Statesman
Author: The Commercial and Financial Chronicle
Author: The Commercial & Financial Chronicle ...
Author: Commercial and Financial Chronicle Bankers Gazette, Commercial Times, Railway Monitor and Insurance Journal
Author: Commercial & Financial Chronicle, Bankers Gazette, Commercial Times, Railway Monitor and Insurance Journal
Author: Great Britain and the East
Author: Publisher:
ISBN:
Category : Eastern question (Balkan)
Languages : en
Pages : 894
Book Description
New Statesman
Author: Annual Report of the Federal Deposit Insurance Corporation for the Year Ending ...
Author: Federal Deposit Insurance CorporationPublisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 594
Book Description
Commercial and Financial Chronicle
Author: The Liquidation of Government Debt
Author: Ms.Carmen ReinhartPublisher: International Monetary Fund
ISBN: 1498338380
Category : Business & Economics
Languages : en
Pages : 47
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.