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Could/should Jubilee debt cancellations be reintroduced today?

Author

Listed:
  • Hudson, Michael
  • Goodhart, Charles A. E.

Abstract

In this paper the authors recall the history of Jubilee debt cancellations, emphasizing what their social purpose was at that time. They note that it would not be possible to copy that procedure exactly nowadays, primarily because most debt/credit relationships are intermediated via financial institutions, such as banks, insurance companies, etc., rather than by governments or wealthy families directly. But the authors argue that the underlying social purpose of such Jubilees - to keep debt within the reasonable ability to be paid without social and economic polarisation - could be recreated via alternative mechanisms, and they discuss the politico-economic arguments for, and against, doing so.

Suggested Citation

  • Hudson, Michael & Goodhart, Charles A. E., 2018. "Could/should Jubilee debt cancellations be reintroduced today?," Economics Discussion Papers 2018-33, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwedp:201833
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    File URL: http://www.economics-ejournal.org/economics/discussionpapers/2018-33
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    File URL: https://www.econstor.eu/bitstream/10419/177836/1/1019361360.pdf
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    Citations

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    Cited by:

    1. Goodhart, Charles, 2018. "Central bank policies in recent years," LSE Research Online Documents on Economics 88078, London School of Economics and Political Science, LSE Library.
    2. Pierre Penet & Juan Flores Zendejas, 2021. "Sovereign Debt Diplomacies. Introduction," Post-Print hal-03352759, HAL.

    More about this item

    Keywords

    inequality; debt-canceling Jubilees; Babylonian and Byzantine empires; equity participation; student loans; land tax;
    All these keywords.

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • H10 - Public Economics - - Structure and Scope of Government - - - General
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • H80 - Public Economics - - Miscellaneous Issues - - - General
    • N30 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - General, International, or Comparative
    • N35 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Asia including Middle East
    • P43 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Finance; Public Finance
    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
    • R52 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Land Use and Other Regulations
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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