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Dealing with debt

Author

Listed:
  • Reinhart, Carmen M.
  • Reinhart, Vincent
  • Rogoff, Kenneth S.

Abstract

This paper explores the menu of options for renormalizing public debt levels relative to nominal activity in the long run, should governments eventually decide to do so. Although debt ratios may need to rise further in some cases, a vision of longer-term options is key to weighing alternative medium-term stabilization strategies. Orthodox ones, the standard fare of officialdom, include enhancing growth, running primary budget surpluses, and privatizing government assets. Heterodox polices include restructuring debt contracts, generating unexpected inflation, taxing wealth, and repressing private finance. Advanced countries have relied far more on heterodox approaches than many observers choose to remember.

Suggested Citation

  • Reinhart, Carmen M. & Reinhart, Vincent & Rogoff, Kenneth S., 2015. "Dealing with debt," Scholarly Articles 23936571, Harvard University Department of Economics.
    • Handle: RePEc:hrv:faseco:23936571
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    More about this item

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects

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