Government debt is not a free lunch |
Kenneth Rogoff | Harvard University | 09 December 2019 |
With interest rates on government debt at multi-decade lows, a number of leading economists have argued that almost every advanced economy can allow debt to drift up toward Japanese levels (over 150% of GDP even by the most conservative measure) without any great concern about long-term consequences. Advocates of much higher debt might be right, but they tend to downplay or ignore everything that can go wrong. First and foremost, ... |
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