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Could/Should Jubilee Debt Cancellations be Reintroduced Today?

Author

Listed:
  • Goodhart, Charles
  • Hudson, Michael

Abstract

In this paper we recall the history of Jubilee debt cancellations, emphasizing what their social purpose was at that time. We 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 we 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 we discuss the politico-economic arguments for, and against, doing so

Suggested Citation

  • Goodhart, Charles & Hudson, Michael, 2018. "Could/Should Jubilee Debt Cancellations be Reintroduced Today?," CEPR Discussion Papers 12605, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:12605
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    Citations

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    Cited by:

    1. D. Burton, 2021. "Consumer Debt Prevention and Discharge in the Arabian Gulf," Journal of Consumer Policy, Springer, vol. 44(1), pages 21-42, March.
    2. Pierre Penet & Juan Flores Zendejas, 2021. "Sovereign Debt Diplomacies. Introduction," Post-Print hal-03352759, HAL.
    3. I. Ramsay & T. Williams, 2020. "Peering Forward, 10 Years After: International Policy and Consumer Credit Regulation," Journal of Consumer Policy, Springer, vol. 43(1), pages 209-226, March.
    4. Hartley, Tilman & Kallis, Giorgos, 2021. "Interest-bearing loans and unpayable debts in slow-growing economies: Insights from ten historical cases," Ecological Economics, Elsevier, vol. 188(C).
    5. 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.

    More about this item

    Keywords

    Debt-canceling jubilees; Babylonian and byzantine empires; Equity participation; Student loans; Land tax; Inequality;
    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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