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|z 9781484369234
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|a 1018-5941
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|a Reinhart, Carmen.
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|a The Liquidation of Government Debt /
|c Carmen Reinhart, M. Belen Sbrancia.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2015.
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|a 1 online resource (47 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a 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.
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|a Mode of access: Internet
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|a Sbrancia, M. Belen.
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|a IMF Working Papers; Working Paper ;
|v No. 2015/007
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2015/007/001.2015.issue-007-en.xml
|z IMF e-Library
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