In defense of public debt / Barry Eichengreen, Asmaa El-Ganainy, Rui Esteves and Kris James Michener.
| Author/creator | Eichengreen, Barry J. |
| Other author | El-Ganainy, Asmaa. |
| Other author | Esteves, Rui Pedro. |
| Other author | Oxford University Press. |
| Format | Electronic |
| Publication Info | New York, NY : Oxford University Press, [2021] |
| Description | vii, 305 pages : illustrations ; 25 cm |
| Supplemental Content | Full text available from Oxford Scholarship Online |
| Subjects |
| Abstract | "Public debts have exploded to levels unprecedented in recent history as governments responded to the Covid-19 pandemic. Their rise prompted apocalyptic warnings about the dangers of heavy debts - about the drag they will place on economic growth and for future generations. This book adds the other side of the equation: drawing on history, it provides a defence of public debt. It shows that the ability of governments to borrow has played a critical role in meeting emergencies, from wars and pandemics to economic and financial crises, as well as in funding essential public goods and services such as transportation, education and healthcare. In these ways, the capacity to issue debt has been integral to state building. Transactions in public debt securities have also contributed to the development of private financial markets and, through this channel, to modern economic growth. None of this is to deny that debt problems, debt crises and debt defaults occur. But these dramatic events, which attract much attention, are not the entire story. In Defence of Public Debt redresses the balance. It develops its arguments historically, recounting two millennia of public debt experience. It deploys a comprehensive database to identify the factors behind rising public debts and the circumstances under which high debts are successfully brought down. Finally, it brings the story up to date, describing the role of public debt in managing the Covid-19 pandemic and suggesting a way forward once governments, now more heavily indebted than before, finally emerge from the crisis"-- Provided by publisher. |
| Bibliography note | Includes bibliographical references (pages 227-289) and index. |
| Access restriction | Available only to authorized users. |
| Technical details | Mode of access: World Wide Web |
| Genre/form | Electronic books. |
| LCCN | 2021024154 |
| ISBN | 9780197577899 (hardback) |
| ISBN | (epub) |
Availability
| Library | Location | Call Number | Status | Item Actions |
|---|---|---|---|---|
| Electronic Resources | Access Content Online | ✔ Available |