Avoiding Debt Traps: Financial Backstops and Structural Reforms
In this paper we develop a simple analytical framework to analyze "good" and "bad equilibria" in public-debt and growth dynamics. The "bad equilibrium" is characterised by the simultaneous occurrence, and adverse feedbacks between, high and growing fiscal deficits and d...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Paris
OECD Publishing
2012
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| Schriftenreihe: | OECD Economics Department Working Papers
no.976 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | In this paper we develop a simple analytical framework to analyze "good" and "bad equilibria" in public-debt and growth dynamics. The "bad equilibrium" is characterised by the simultaneous occurrence, and adverse feedbacks between, high and growing fiscal deficits and debt, high risk premia on sovereign debt, slumping economic activity and plummeting confidence, whereas a "good equilibrium" is characterized by stable growth and debt and low risk premia. We use this framework to identify - both theoretically and empirically - the good and bad equilibrium levels of debt and policies that can help a country caught in a bad equilibrium to recover. The analysis shows that despite some output loss in the short run fiscal consolidation can help countries escape from the bad equilibrium trap. More broadly, we find that a combination of financial backstops, structural reform and fiscal consolidation is most effective in helping countries getting onto a sustainable path. |
| Beschreibung: | 1 Online-Ressource (30 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5k962hhtt5mr-en |
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| spelling | Padoan, Pier Carlo VerfasserIn aut Avoiding Debt Traps Financial Backstops and Structural Reforms Pier Carlo, Padoan, Urban, Sila and Paul, van den Noord = Éviter les pièges de l'endettement : Assistance financière et réformes structurelles / Pier Carlo, Padoan, Urban, Sila et Paul, van den Noord Éviter les pièges de l'endettement Paris OECD Publishing 2012 1 Online-Ressource (30 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.976 In this paper we develop a simple analytical framework to analyze "good" and "bad equilibria" in public-debt and growth dynamics. The "bad equilibrium" is characterised by the simultaneous occurrence, and adverse feedbacks between, high and growing fiscal deficits and debt, high risk premia on sovereign debt, slumping economic activity and plummeting confidence, whereas a "good equilibrium" is characterized by stable growth and debt and low risk premia. We use this framework to identify - both theoretically and empirically - the good and bad equilibrium levels of debt and policies that can help a country caught in a bad equilibrium to recover. The analysis shows that despite some output loss in the short run fiscal consolidation can help countries escape from the bad equilibrium trap. More broadly, we find that a combination of financial backstops, structural reform and fiscal consolidation is most effective in helping countries getting onto a sustainable path. Economics Sila, Urban MitwirkendeR ctb van den Noord, Paul MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5k962hhtt5mr-en Volltext |
| spellingShingle | Padoan, Pier Carlo Avoiding Debt Traps Financial Backstops and Structural Reforms Economics |
| title | Avoiding Debt Traps Financial Backstops and Structural Reforms |
| title_alt | Éviter les pièges de l'endettement |
| title_auth | Avoiding Debt Traps Financial Backstops and Structural Reforms |
| title_exact_search | Avoiding Debt Traps Financial Backstops and Structural Reforms |
| title_full | Avoiding Debt Traps Financial Backstops and Structural Reforms Pier Carlo, Padoan, Urban, Sila and Paul, van den Noord = Éviter les pièges de l'endettement : Assistance financière et réformes structurelles / Pier Carlo, Padoan, Urban, Sila et Paul, van den Noord |
| title_fullStr | Avoiding Debt Traps Financial Backstops and Structural Reforms Pier Carlo, Padoan, Urban, Sila and Paul, van den Noord = Éviter les pièges de l'endettement : Assistance financière et réformes structurelles / Pier Carlo, Padoan, Urban, Sila et Paul, van den Noord |
| title_full_unstemmed | Avoiding Debt Traps Financial Backstops and Structural Reforms Pier Carlo, Padoan, Urban, Sila and Paul, van den Noord = Éviter les pièges de l'endettement : Assistance financière et réformes structurelles / Pier Carlo, Padoan, Urban, Sila et Paul, van den Noord |
| title_short | Avoiding Debt Traps |
| title_sort | avoiding debt traps financial backstops and structural reforms |
| title_sub | Financial Backstops and Structural Reforms |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5k962hhtt5mr-en |
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