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The Role of Fiscal Policy When Private Debt is High

Batini, Nicoletta, Melina, Giovanni, Moreno Badia, Marialuz, Villa, Stefania, (2017), "The Role of Fiscal Policy When Private Debt is High", EconoMonitor, 15 Μαρτίου

Excessive private debt is a major headwind against the global recovery. Where fiscal space is available, a more active role of fiscal policies can facilitate an orderly private deleveraging while minimizing its output costs. However, fiscal policy cannot do it alone; it has to be supported by complementary policies within credible frameworks.

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