Avoiding Debt Traps: Financial Backstops and Structural Reforms
收藏Organisation for Economic Co-operation and Development2026-04-11 收录
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In this paper we develop a simple analytical framework to analyze “good” and “bad equilibria” in public-debt and growth dynamics. The “bad equilibrium” is characterised by the simultaneous occurrence, and adverse feedbacks between, high and growing fiscal deficits and debt, high risk premia on sovereign debt, slumping economic activity and...
