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The Explosion of Public Debts

In: The Euro and International Financial Stability

Author

Listed:
  • Efthymios G. Tsionas

    (Athens University of Economics and Business)

Abstract

The theory is precisely the same when it comes to governments that borrow from the international markets. The acquired funds could have been transferred to the private sector or the public sector for investment and consumption, or they could have been plainly wasted in one way or another. Borrowing in the form of issuing bonds is no different to plain fiat money creation before the time of maturing. After that time the government has to pay back a multiple of the initial amount determined by the rate of interest on its bonds.

Suggested Citation

  • Efthymios G. Tsionas, 2014. "The Explosion of Public Debts," Financial and Monetary Policy Studies, in: The Euro and International Financial Stability, edition 127, chapter 0, pages 85-88, Springer.
    • Handle: RePEc:spr:fimchp:978-3-319-01171-4_15
    DOI: 10.1007/978-3-319-01171-4_15
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