Financial and sovereign debt crises : some lessons learned and those forgotten /

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Bibliographic Details
Author / Creator:	Reinhart, Carmen M., author.
Imprint:	[Washington, D.C.] : International Monetary Fund, ©2013.
Description:	1 online resource (21 pages) : illustrations (some color).
Language:	English
Series:	IMF working paper, 2227-8885 ; WP/13/266 IMF working paper ; WP/13/266.
Subject:	Financial crises. Debts, Public. Debt relief. Capital movements. Inflation (Finance) Capital movements. Debt relief. Debts, Public. Financial crises. Inflation (Finance) Electronic books.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12502238

Hidden Bibliographic Details
Other authors / contributors:	Rogoff, Kenneth S., author. International Monetary Fund. Research Department, issuing body.
ISBN:	1484331125 9781484331125 9781484331125
Notes:	Title from PDF title page (IMF Web site, viewed Dec. 26, 2013). "Research Department"--Page 2 of pdf. "December 2013"--Page 2 of pdf. Includes bibliographical references (pages 18-20).
Summary:	"Even after one of the most severe multi-year crises on record in the advanced economies, the received wisdom in policy circles clings to the notion that high-income countries are completely different from their emerging market counterparts. The current phase of the official policy approach is predicated on the assumption that debt sustainability can be achieved through a mix of austerity, forbearance and growth. The claim is that advanced countries do not need to resort to the standard toolkit of emerging markets, including debt restructurings and conversions, higher inflation, capital controls and other forms of financial repression. As we document, this claim is at odds with the historical track record of most advanced economies, where debt restructuring or conversions, financial Repression, and a tolerance for higher inflation, or a combination of these were an integral part of the resolution of significant past debt overhangs"--Abstract.
Other form:	Print Version: 9781484331125
Standard no.:	10.5089/9781484331125.001

Table of Contents:

Cover; Contents; I. Introduction; II. Financial Liberalization, Financial Crises, and Crisis Prevention; Figures; 1. Varieties of Crises: World Aggregate, 1900-2010; III. Today's Multifaceted Debt Overhang; 2. Gross Central Government Debt as a Percentage of GDP: Advanced and Emerging Market Economies, 1900-2011 (unweighted average); 3. Gross Total (Public plus Private) External Debt as a Percentage of GDP: 22 advanced and 25 emerging market economies, 1970-2011; IV. How Will the Debt Be Reduced?; 4. Private Domestic Credit as a Percentage of GDP, 1950-2011.
5. Sovereign Default, Total (domestic plus external) Public Debt, and Inflation Crises: World Aggregates, 1826-20106. Sovereign Default, Total (domestic plus external) Public Debt, and Systemic Banking Crises: Advanced Economies, 1880-2010; Tables; 1. Selected Episodes of Domestic or External Debt Default, Restructuring, or Conversions: Advanced Economies, 1920s-1960s; 2. Defaults on World War I Debt to the United States in the 1930s: Timing and Magnitude; V. The Return of Financial Repression; VI. Final Thoughts; 7. The Sequencing of Crises: The Big Picture; References.

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