The worldwide slowdown in growth after 1975 was a major negative fiscal shock. Slower growth lowers the present value of tax revenues and primary surpluses and thus makes a given level of debt more burdensome. Most countries failed to adjust to the negative fiscal consequences of the growth implosion, so public-debt-to-GDP ratios exploded. The growth slowdown therefore played an important role in the debt crisis of the middle-income countries in the...
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2001/01/31
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Documento de trabalho sobre pesquisa de políticas
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WPS2531
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1
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1
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2010/07/01
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Growth implosions, debt explosions, and my Aunt Marilyn : do growth slowdowns cause public debt crises?
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primary surplus
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