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How might the UK's Debt-GDP ratio be reduced? Evidence from the last 120 years

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  • Wickens, Michael R.

Abstract

The motivation for this paper is concerns in the UK with how to bring down the currently high level of the debt-GDP ratio. We consider whether anything can be learned from previous experience over the last 120 years by examining the contributions both to the increase in the debt-GDP ratio and to the reduction of the debt-GDP ratio of various components of the government budget constraint: the primary deficit, growth, inflation and interest rates and payments. We also examine the effectiveness of policy in influencing these components. We conclude by suggesting a combination of these components that might be economically and politically achievable.

Suggested Citation

  • Wickens, Michael R., 2022. "How might the UK's Debt-GDP ratio be reduced? Evidence from the last 120 years," CEPR Discussion Papers 17172, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:17172
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    More about this item

    Keywords

    Debt-gdp ratio; Primary deficit; Growth; inflation;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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