Tiêu đề:
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Finding the Tipping Point—When Sovereign Debt Turns Bad
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Loại báo cáo:
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Thị trường thế giới
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Nguồn:
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Ngân hàng thế giới
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Chi tiết:
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Ngày:
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19/10/2010
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Số trang:
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15
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Ngôn ngữ:
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Tiếng Anh
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Dạng tệp:
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Quy mô:
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627 Kb
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Báo cáo này hữu ích?
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Tóm tắt:
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Public debt has increased substantially for countries at all income levels as a result of the current global economic crisis. Historical evidence indicates that increases in debt persist for years following financial crises (Reinhart and Rogoff 2010; Scott 2010). In addition, projections of standard measures of public debt relative to GDP for the next 30 years indicate that debt levels are unsustainable for many countries (Cecchetti, Moharty, and Zampolli 2010). Taking account of the implicit public debt associated with social security, medical care, and contingent liabilities would reveal a substantially magnified debt problem (Cecchetti, Moharty, and Zampolli 2010).The increase in public debt has raised concerns over whether it is starting to hit levels at which it might slow economic growth. Does such a “tipping point” exist? How strong would the growth impact be if debt surpassed the threshold? What would happen if debt stayed at elevated levels for an extended period of time?
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