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In Defense of Public Debt

Author

Listed:
  • Barry Eichengreen

    (University of California)

Abstract

I offer a balanced view of the benefits and risks of public debt issuance. The role of public debt in mobilizing resources to meet national emergencies is a historical constant, most recently illustrated by the response to the COVID-19 pandemic. But this emergency response also leaves a legacy. I reflect on the prospects for debt consolidation and on how governments should meet the challenge of managing public debt now as we enter a period of higher global interest rates.

Suggested Citation

  • Barry Eichengreen, 2022. "In Defense of Public Debt," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(79), pages 111-118, May.
    • Handle: RePEc:bcr:ensayo:v:1:y:2022:i:79:p:111-118
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    More about this item

    Keywords

    economic history; public debt; sovereign debt;
    All these keywords.

    JEL classification:

    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • G1 - Financial Economics - - General Financial Markets

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