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The Liquidation of Government Debt
By:Ms. Carmen Reinhart,M. Belen Sbrancia
Published on 2015-01-21 by International Monetary Fund
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 ½ 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.
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Book which was published by International Monetary Fund since 2015-01-21 have ISBNs, ISBN 13 Code is 9781498316897 and ISBN 10 Code is 1498316891
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