In Defense of Public Debt

Authors

  • Barry Eichengreen University of California, United States

Keywords:

Economic History, Public Debt, Sovereign Debt

Abstract

I offer a balanced view of the benefits and risks of public debt issuance. The role of public debt in mobilizing resources to meet national emergencies is a historical constant, most recently illustrated by the response to the COVID-19 pandemic. But this emergency response also leaves a legacy. I reflect on the prospects for debt consolidation and on how governments should meet the challenge of managing public debt now as we enter a period of higher global interest rates.

JEL classification: N1 ; G1

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Published

2022-05-27

How to Cite

Eichengreen, B. (2022) “In Defense of Public Debt”, Ensayos Económicos, (79), pp. 111–118. available at: https://bcra.ojs.theke.io/ensayos_economicos_bcra/article/view/92 (accessed: 27 February 2025).

Issue

No. 79 (2022): Ensayos Económicos

Section

Articles