haku: @indexterm inflation / yhteensä: 1175
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| Tekijä: | Reinhart, C.M. Rogoff, K.S. |
| Otsikko: | The forgotten history of domestic debt |
| Lehti: | Economic Journal
2011 : MAY, VOL 121:552 p. 319-350 |
| Asiasana: | defaults public sector government bonds inflation history |
| Kieli: | eng |
| Tiivistelmä: | This article focuses on domestic debt default, which earlier has not been written much about. The data used in this research is from a database on public debt that spans the nineteenth century to 2010. It is found that: (1) domestic debt accounts for almost two-thirds of public debt, (2) the data helps to explain the puzzle of why countries default on external debts at seemingly low debt thresholds, (3) domestic debt has largely been ignored in the inflation literature. Last, the view that domestic residents are junior to external creditors does not find broad support. |
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