A Mountain of Debt: Navigating the Legacy of the Pandemic
The COVID-19 pandemic has triggered a massive increase in global debt levels and exacerbated the trade-offs between the benefits and costs of accumulating government debt. This paper examines these trade-offs by putting the recent debt boom into a historical context. It reports three major findings....
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2021
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The COVID-19 pandemic has triggered a massive increase in global debt levels and exacerbated the trade-offs between the benefits and costs of accumulating government debt. This paper examines these trade-offs by putting the recent debt boom into a historical context. It reports three major findings. First, during the 2020 global recession, both global government and private debt levels rose to record highs, and at their fastest single-year pace, in five decades. Second, the debt-financed, massive fiscal support programs implemented during the pandemic supported activity and illustrated the benefits of accumulating debt. However, as the recovery gains traction, the balance of benefits and costs of debt accumulation could increasingly tilt toward costs. Third, more than two-thirds of emerging market and developing economies are currently in government debt booms. On average, the current booms have already lasted three years longer, and are accompanied by a considerably larger fiscal deterioration, than earlier booms. About half of the earlier debt booms were associated with financial crises in emerging market and developing economies |
| Beschreibung: | 1 Online-Ressource (40 Seiten) |
| DOI: | 10.1596/1813-9450-9800 |
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| 520 | 3 | |a The COVID-19 pandemic has triggered a massive increase in global debt levels and exacerbated the trade-offs between the benefits and costs of accumulating government debt. This paper examines these trade-offs by putting the recent debt boom into a historical context. It reports three major findings. First, during the 2020 global recession, both global government and private debt levels rose to record highs, and at their fastest single-year pace, in five decades. Second, the debt-financed, massive fiscal support programs implemented during the pandemic supported activity and illustrated the benefits of accumulating debt. However, as the recovery gains traction, the balance of benefits and costs of debt accumulation could increasingly tilt toward costs. Third, more than two-thirds of emerging market and developing economies are currently in government debt booms. On average, the current booms have already lasted three years longer, and are accompanied by a considerably larger fiscal deterioration, than earlier booms. About half of the earlier debt booms were associated with financial crises in emerging market and developing economies | |
| 650 | 4 | |a Business Cycles and Stabilization Policies | |
| 650 | 4 | |a Coronavirus | |
| 650 | 4 | |a COVID-19 | |
| 650 | 4 | |a Debt Markets | |
| 650 | 4 | |a Deficits | |
| 650 | 4 | |a External Debt | |
| 650 | 4 | |a Finance and Financial Sector Development | |
| 650 | 4 | |a Fiscal and Monetary Policy | |
| 650 | 4 | |a Fiscal Policy | |
| 650 | 4 | |a International Economics and Trade | |
| 650 | 4 | |a Macroeconomic Management | |
| 650 | 4 | |a Macroeconomics and Economic Growth | |
| 650 | 4 | |a Pandemic Impact | |
| 650 | 4 | |a Pandemic Response | |
| 650 | 4 | |a Private Debt | |
| 650 | 4 | |a Sovereign Debt | |
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| 700 | 1 | |a Sugawara, Naotaka |e Sonstige |4 oth | |
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| language | English |
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| publisher | The World Bank |
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| spellingShingle | Kose, M. Ayhan A Mountain of Debt Navigating the Legacy of the Pandemic Business Cycles and Stabilization Policies Coronavirus COVID-19 Debt Markets Deficits External Debt Finance and Financial Sector Development Fiscal and Monetary Policy Fiscal Policy International Economics and Trade Macroeconomic Management Macroeconomics and Economic Growth Pandemic Impact Pandemic Response Private Debt Sovereign Debt |
| title | A Mountain of Debt Navigating the Legacy of the Pandemic |
| title_auth | A Mountain of Debt Navigating the Legacy of the Pandemic |
| title_exact_search | A Mountain of Debt Navigating the Legacy of the Pandemic |
| title_exact_search_txtP | A Mountain of Debt Navigating the Legacy of the Pandemic |
| title_full | A Mountain of Debt Navigating the Legacy of the Pandemic M. Ayhan Kose |
| title_fullStr | A Mountain of Debt Navigating the Legacy of the Pandemic M. Ayhan Kose |
| title_full_unstemmed | A Mountain of Debt Navigating the Legacy of the Pandemic M. Ayhan Kose |
| title_short | A Mountain of Debt |
| title_sort | a mountain of debt navigating the legacy of the pandemic |
| title_sub | Navigating the Legacy of the Pandemic |
| topic | Business Cycles and Stabilization Policies Coronavirus COVID-19 Debt Markets Deficits External Debt Finance and Financial Sector Development Fiscal and Monetary Policy Fiscal Policy International Economics and Trade Macroeconomic Management Macroeconomics and Economic Growth Pandemic Impact Pandemic Response Private Debt Sovereign Debt |
| topic_facet | Business Cycles and Stabilization Policies Coronavirus COVID-19 Debt Markets Deficits External Debt Finance and Financial Sector Development Fiscal and Monetary Policy Fiscal Policy International Economics and Trade Macroeconomic Management Macroeconomics and Economic Growth Pandemic Impact Pandemic Response Private Debt Sovereign Debt |
| url | https://doi.org/10.1596/1813-9450-9800 |
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