HKS Affiliated Authors
Minos A. Zombanakis Professor of the International Financial System
Excerpt
Excerpt
Public Debt Overhangs: Advanced-Economy Episodes since 1800. Carmen M. Reinhart, Kenneth Rogoff, April 2012, Paper. "We identify the major public debt overhang episodes in the advanced economies since the early 1800s, characterized by public debt to GDP levels exceeding 90 percent for at least five years. Consistent with Reinhart and Rogoff (2010) and most of the more recent research, we find that public debt overhang episodes are associated with lower growth than during other periods. The duration of the average debt overhang episode is perhaps its most striking feature. Among the 26 episodes we identify..." Link