Debt and Macroeconomic Stability: Debt and the Business Cycle:
Using a large panel of OECD countries this paper studies the link between debt and macroeconomic stability by comparing the evolution of balance sheet aggregates and economic output in high- and lowdebt environments. While the relationship between debt and economic growth has been extensively studie...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2012
|
| Schriftenreihe: | OECD Economics Department Working Papers
no.1005 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Using a large panel of OECD countries this paper studies the link between debt and macroeconomic stability by comparing the evolution of balance sheet aggregates and economic output in high- and lowdebt environments. While the relationship between debt and economic growth has been extensively studied in the literature, only little attention has been paid to the impact of debt on volatility and higher moments of output growth distributions. This paper fills in this gap. Debt-fuelled expansions are found to typically last longer but to culminate in a more sizeable downturn. The greater amplitude of business cycles in high-debt environments reflects higher macroeconomic volatility but also higher tail risks and adverse asymmetries in output growth distributions. The induced welfare losses justify policy interventions aiming at preventing excessive build-ups in debt ex-ante. |
| Beschreibung: | 1 Online-Ressource (24 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5k8xb7613x9s-en |
Internformat
MARC
| LEADER | 00000cam a22000002 4500 | ||
|---|---|---|---|
| 001 | ZDB-13-SOC-061296171 | ||
| 003 | DE-627-1 | ||
| 005 | 20231204121451.0 | ||
| 007 | cr uuu---uuuuu | ||
| 008 | 210204s2012 xx |||||o 00| ||eng c | ||
| 024 | 7 | |a 10.1787/5k8xb7613x9s-en |2 doi | |
| 035 | |a (DE-627-1)061296171 | ||
| 035 | |a (DE-599)KEP061296171 | ||
| 035 | |a (FR-PaOEC)5k8xb7613x9s-en | ||
| 035 | |a (EBP)061296171 | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rda | ||
| 041 | |a eng | ||
| 084 | |a G01 |2 jelc | ||
| 084 | |a C23 |2 jelc | ||
| 084 | |a F34 |2 jelc | ||
| 084 | |a E32 |2 jelc | ||
| 084 | |a E44 |2 jelc | ||
| 084 | |a H63 |2 jelc | ||
| 100 | 1 | |a Ziemann, Volker |e VerfasserIn |4 aut | |
| 245 | 1 | 0 | |a Debt and Macroeconomic Stability: Debt and the Business Cycle |c Volker, Ziemann = Endettement et stabilité macroéconomique: L'endettement et le cycle économique / Volker, Ziemann |
| 246 | 3 | 3 | |a Endettement et stabilité macroéconomique: L'endettement et le cycle économique |
| 264 | 1 | |a Paris |b OECD Publishing |c 2012 | |
| 300 | |a 1 Online-Ressource (24 p.) |c 21 x 29.7cm. | ||
| 336 | |a Text |b txt |2 rdacontent | ||
| 337 | |a Computermedien |b c |2 rdamedia | ||
| 338 | |a Online-Ressource |b cr |2 rdacarrier | ||
| 490 | 0 | |a OECD Economics Department Working Papers |v no.1005 | |
| 520 | |a Using a large panel of OECD countries this paper studies the link between debt and macroeconomic stability by comparing the evolution of balance sheet aggregates and economic output in high- and lowdebt environments. While the relationship between debt and economic growth has been extensively studied in the literature, only little attention has been paid to the impact of debt on volatility and higher moments of output growth distributions. This paper fills in this gap. Debt-fuelled expansions are found to typically last longer but to culminate in a more sizeable downturn. The greater amplitude of business cycles in high-debt environments reflects higher macroeconomic volatility but also higher tail risks and adverse asymmetries in output growth distributions. The induced welfare losses justify policy interventions aiming at preventing excessive build-ups in debt ex-ante. | ||
| 650 | 4 | |a Economics | |
| 856 | 4 | 0 | |l FWS01 |p ZDB-13-SOC |q FWS_PDA_SOC |u https://doi.org/10.1787/5k8xb7613x9s-en |3 Volltext |
| 912 | |a ZDB-13-SOC | ||
| 912 | |a ZDB-13-SOC | ||
| 951 | |a BO | ||
| 912 | |a ZDB-13-SOC | ||
| 049 | |a DE-863 | ||
Datensatz im Suchindex
| DE-BY-FWS_katkey | ZDB-13-SOC-061296171 |
|---|---|
| _version_ | 1804748651793219584 |
| adam_text | |
| any_adam_object | |
| author | Ziemann, Volker |
| author_facet | Ziemann, Volker |
| author_role | aut |
| author_sort | Ziemann, Volker |
| author_variant | v z vz |
| building | Verbundindex |
| bvnumber | localFWS |
| collection | ZDB-13-SOC |
| ctrlnum | (DE-627-1)061296171 (DE-599)KEP061296171 (FR-PaOEC)5k8xb7613x9s-en (EBP)061296171 |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1787/5k8xb7613x9s-en |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02291cam a22004212 4500</leader><controlfield tag="001">ZDB-13-SOC-061296171</controlfield><controlfield tag="003">DE-627-1</controlfield><controlfield tag="005">20231204121451.0</controlfield><controlfield tag="007">cr uuu---uuuuu</controlfield><controlfield tag="008">210204s2012 xx |||||o 00| ||eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/5k8xb7613x9s-en</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627-1)061296171</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)KEP061296171</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(FR-PaOEC)5k8xb7613x9s-en</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(EBP)061296171</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">G01</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">C23</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">F34</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E32</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E44</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">H63</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Ziemann, Volker</subfield><subfield code="e">VerfasserIn</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Debt and Macroeconomic Stability: Debt and the Business Cycle</subfield><subfield code="c">Volker, Ziemann = Endettement et stabilité macroéconomique: L'endettement et le cycle économique / Volker, Ziemann</subfield></datafield><datafield tag="246" ind1="3" ind2="3"><subfield code="a">Endettement et stabilité macroéconomique: L'endettement et le cycle économique</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Paris</subfield><subfield code="b">OECD Publishing</subfield><subfield code="c">2012</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (24 p.)</subfield><subfield code="c">21 x 29.7cm.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">Computermedien</subfield><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Online-Ressource</subfield><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">OECD Economics Department Working Papers</subfield><subfield code="v">no.1005</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">Using a large panel of OECD countries this paper studies the link between debt and macroeconomic stability by comparing the evolution of balance sheet aggregates and economic output in high- and lowdebt environments. While the relationship between debt and economic growth has been extensively studied in the literature, only little attention has been paid to the impact of debt on volatility and higher moments of output growth distributions. This paper fills in this gap. Debt-fuelled expansions are found to typically last longer but to culminate in a more sizeable downturn. The greater amplitude of business cycles in high-debt environments reflects higher macroeconomic volatility but also higher tail risks and adverse asymmetries in output growth distributions. The induced welfare losses justify policy interventions aiming at preventing excessive build-ups in debt ex-ante.</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Economics</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="l">FWS01</subfield><subfield code="p">ZDB-13-SOC</subfield><subfield code="q">FWS_PDA_SOC</subfield><subfield code="u">https://doi.org/10.1787/5k8xb7613x9s-en</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">BO</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-863</subfield></datafield></record></collection> |
| id | ZDB-13-SOC-061296171 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-16T15:07:16Z |
| institution | BVB |
| language | English |
| open_access_boolean | |
| owner | DE-863 DE-BY-FWS |
| owner_facet | DE-863 DE-BY-FWS |
| physical | 1 Online-Ressource (24 p.) 21 x 29.7cm. |
| psigel | ZDB-13-SOC |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | OECD Publishing |
| record_format | marc |
| series2 | OECD Economics Department Working Papers |
| spelling | Ziemann, Volker VerfasserIn aut Debt and Macroeconomic Stability: Debt and the Business Cycle Volker, Ziemann = Endettement et stabilité macroéconomique: L'endettement et le cycle économique / Volker, Ziemann Endettement et stabilité macroéconomique: L'endettement et le cycle économique Paris OECD Publishing 2012 1 Online-Ressource (24 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1005 Using a large panel of OECD countries this paper studies the link between debt and macroeconomic stability by comparing the evolution of balance sheet aggregates and economic output in high- and lowdebt environments. While the relationship between debt and economic growth has been extensively studied in the literature, only little attention has been paid to the impact of debt on volatility and higher moments of output growth distributions. This paper fills in this gap. Debt-fuelled expansions are found to typically last longer but to culminate in a more sizeable downturn. The greater amplitude of business cycles in high-debt environments reflects higher macroeconomic volatility but also higher tail risks and adverse asymmetries in output growth distributions. The induced welfare losses justify policy interventions aiming at preventing excessive build-ups in debt ex-ante. Economics FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5k8xb7613x9s-en Volltext |
| spellingShingle | Ziemann, Volker Debt and Macroeconomic Stability: Debt and the Business Cycle Economics |
| title | Debt and Macroeconomic Stability: Debt and the Business Cycle |
| title_alt | Endettement et stabilité macroéconomique: L'endettement et le cycle économique |
| title_auth | Debt and Macroeconomic Stability: Debt and the Business Cycle |
| title_exact_search | Debt and Macroeconomic Stability: Debt and the Business Cycle |
| title_full | Debt and Macroeconomic Stability: Debt and the Business Cycle Volker, Ziemann = Endettement et stabilité macroéconomique: L'endettement et le cycle économique / Volker, Ziemann |
| title_fullStr | Debt and Macroeconomic Stability: Debt and the Business Cycle Volker, Ziemann = Endettement et stabilité macroéconomique: L'endettement et le cycle économique / Volker, Ziemann |
| title_full_unstemmed | Debt and Macroeconomic Stability: Debt and the Business Cycle Volker, Ziemann = Endettement et stabilité macroéconomique: L'endettement et le cycle économique / Volker, Ziemann |
| title_short | Debt and Macroeconomic Stability: Debt and the Business Cycle |
| title_sort | debt and macroeconomic stability debt and the business cycle |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5k8xb7613x9s-en |
| work_keys_str_mv | AT ziemannvolker debtandmacroeconomicstabilitydebtandthebusinesscycle AT ziemannvolker endettementetstabilitemacroeconomiquelendettementetlecycleeconomique |