ENGLISH

Global Waves of Debt: Causes and Consequences

By M. Ayhan Kose; Peter Nagle; Franziska Ohnsorge; Naotaka Sugawara

Book information

Publisher
World Bank Publications
Year
2021
ISBN
9781464815454, 9781464815447
Language
english
Format
EPUB
Filesize
14 MB (14406268 bytes)
Edition
1
Pages
309\0
Time added
2023-08-31 18:29:00

Description

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

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