High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers v

We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt

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

High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers v

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