登入
選單
返回
Google圖書搜尋
Debt Surges—Drivers, Consequences, and Policy Implications
Florian Schuster
Ms. Marwa Alnasaa
Lahcen Bounader
Il Jung
Jeta Menkulasi
Joana da Mota
出版
International Monetary Fund
, 2024-03-08
主題
Business & Economics / Economics / Macroeconomics
Business & Economics / Economics / General
ISBN
9798400268779
URL
http://books.google.com.hk/books?id=PMT6EAAAQBAJ&hl=&source=gbs_api
EBook
SAMPLE
註釋
Many countries find themselves with elevated debt levels, increased debt vulnerabilities, and tight financing conditions, while also facing increased spending needs for development and transition to a greener economy. This paper aims to place the current debt landscape in a historical context and investigate the drivers of debt surges, to what degree they result in a crisis as well as examine post-surge debt trajectories and under what conditions debt follows a non-declining path. We find that fiscal policy and stock-flow adjustments play important roles in debt dynamics with the valuation effects arising from currency depreciation explaining more than half of stock flow adjustments in LICs. Debt surges are estimated to result in a financial crisis with a probability of 11–20 percent and spending-driven fiscal expansions during debt surges tend to result in a high probability of non-declining debt path.