Jordà,O., Schularick, M. and Taylor, A., (2013), “Sovereigns versus banks: Crises, causes and consequences”, VoxEU, 18 Οκτωβρίου.
In the aftermath of the global financial crisis, few would dispute the risks of excessive borrowing. But which debts should one worry about – public or private? This column presents new research on the interplay of public and private debts since 1870 in 17 advanced economies. History demonstrates that excessive private-sector borrowing plays a greater role than fiscal profligacy in generating financial instability. However, when the credit boom collapses, the government’s capacity to alleviate the downturn is limited by the prevailing level of public debt.
Σχετικές Αναρτήσεις
- Das, S., (2013), “The Return of Europe’s Debt Crisis”, EconoMonitor, 16 Οκτωβρίου.
- Schadler, S., (2013), “The IMF and the legacy of the euro crisis”, VoxEU, 15 Οκτωβρίου.
- Buti, M. and Padoan, P.C., (2013), “How to make Europe’s incipient recovery durable – A rejoinder”,VoxEU, 08 Οκτωβρίου.