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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.
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
In this book, Ann Pettifor examines the issues of debt affecting the 'first world' or OECD countries, looking at the history, politics and ethics of the coming
For dozens of developing countries, the financial upheavals of the 1980s have set back economic development by a decade or more. Poverty in those countries have
" Debt crises have placed strains not only on the European Union's nascent federal system but also on the federal system in the United States. Old confrontation
The book presents and discusses policy-relevant research on the current debt challenges which developing, emerging market and developed countries face. Its valu