Debt Overhangs (Reinhart et al.)

Debt overhangs: past and present by Carmen M. Reinhart, Vicent R. Reinhart and Kenneth S. Rogoff published by NBER (04/2012). “…We find that growth effects are significant even in the many episodes where debtor countries were able to secure continual access to capital markets at relatively low real interest rates. That is, growth-reducing effects of high public debt are apparently not transmitted exclusively through high real interest rates.”

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