Debt and Macroeconomic Stability:
Debt levels have surged since the mid-1990s and have reached historic highs across the OECD. High debt levels can create vulnerabilities, which amplify and transmit macroeconomic and asset price shocks. Furthermore, high debt levels hinder the ability of households and enterprises to smooth consumpt...
Gespeichert in:
| 1. Verfasser: | |
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| Weitere Verfasser: | , , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2012
|
| Schriftenreihe: | OECD Economics Department Working Papers
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Debt levels have surged since the mid-1990s and have reached historic highs across the OECD. High debt levels can create vulnerabilities, which amplify and transmit macroeconomic and asset price shocks. Furthermore, high debt levels hinder the ability of households and enterprises to smooth consumption and investment and of governments to cushion adverse shocks. The empirical evidence suggests that when private sector debt levels, particularly for households, rise above trend the likelihood of recession increases. Measures of financial leverage give less warning and typically only deteriorate once the economy begins to slow and asset prices are falling. Government debt typically rises after the onset of a recession, suggesting that there is a migration of debt across balance sheets. Some policies, such as robust micro prudential regulation and frameworks to deal with debt overhangs and maintain public debt at prudent levels, can help economies withstand adverse shocks. Other policy options, such as addressing biases in tax codes that favour debt financing and targeted macro-prudential policies, will help bring down debt levels and address future run ups in debt |
| Beschreibung: | 1 Online-Ressource (35 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5k8xb76rhstl-en |
Internformat
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| 520 | |a Debt levels have surged since the mid-1990s and have reached historic highs across the OECD. High debt levels can create vulnerabilities, which amplify and transmit macroeconomic and asset price shocks. Furthermore, high debt levels hinder the ability of households and enterprises to smooth consumption and investment and of governments to cushion adverse shocks. The empirical evidence suggests that when private sector debt levels, particularly for households, rise above trend the likelihood of recession increases. Measures of financial leverage give less warning and typically only deteriorate once the economy begins to slow and asset prices are falling. Government debt typically rises after the onset of a recession, suggesting that there is a migration of debt across balance sheets. Some policies, such as robust micro prudential regulation and frameworks to deal with debt overhangs and maintain public debt at prudent levels, can help economies withstand adverse shocks. Other policy options, such as addressing biases in tax codes that favour debt financing and targeted macro-prudential policies, will help bring down debt levels and address future run ups in debt | ||
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| spelling | Sutherland, Douglas Verfasser aut Debt and Macroeconomic Stability Douglas Sutherland ... [et al] = Endettement et stabilité macroéconomique / Douglas Sutherland ... [et al] Endettement et stabilité macroéconomique Paris OECD Publishing 2012 1 Online-Ressource (35 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers Debt levels have surged since the mid-1990s and have reached historic highs across the OECD. High debt levels can create vulnerabilities, which amplify and transmit macroeconomic and asset price shocks. Furthermore, high debt levels hinder the ability of households and enterprises to smooth consumption and investment and of governments to cushion adverse shocks. The empirical evidence suggests that when private sector debt levels, particularly for households, rise above trend the likelihood of recession increases. Measures of financial leverage give less warning and typically only deteriorate once the economy begins to slow and asset prices are falling. Government debt typically rises after the onset of a recession, suggesting that there is a migration of debt across balance sheets. Some policies, such as robust micro prudential regulation and frameworks to deal with debt overhangs and maintain public debt at prudent levels, can help economies withstand adverse shocks. Other policy options, such as addressing biases in tax codes that favour debt financing and targeted macro-prudential policies, will help bring down debt levels and address future run ups in debt Economics Hoeller, Peter ctb Merola, Rossana ctb Ziemann, Volker ctb https://doi.org/10.1787/5k8xb76rhstl-en Verlag kostenfrei Volltext |
| spellingShingle | Sutherland, Douglas Debt and Macroeconomic Stability Economics |
| title | Debt and Macroeconomic Stability |
| title_alt | Endettement et stabilité macroéconomique |
| title_auth | Debt and Macroeconomic Stability |
| title_exact_search | Debt and Macroeconomic Stability |
| title_exact_search_txtP | Debt and Macroeconomic Stability |
| title_full | Debt and Macroeconomic Stability Douglas Sutherland ... [et al] = Endettement et stabilité macroéconomique / Douglas Sutherland ... [et al] |
| title_fullStr | Debt and Macroeconomic Stability Douglas Sutherland ... [et al] = Endettement et stabilité macroéconomique / Douglas Sutherland ... [et al] |
| title_full_unstemmed | Debt and Macroeconomic Stability Douglas Sutherland ... [et al] = Endettement et stabilité macroéconomique / Douglas Sutherland ... [et al] |
| title_short | Debt and Macroeconomic Stability |
| title_sort | debt and macroeconomic stability |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5k8xb76rhstl-en |
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