Staff Discussion Notes

Dealing with High Debt in an Era of Low Growth

ByBernardin Akitoby, Jochen R. Andritzky, Helge Berger, Takuji Komatsuzaki, Justin Tyson

September 23, 2013

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Bernardin Akitoby, Jochen R. Andritzky, Helge Berger, Takuji Komatsuzaki, and Justin Tyson. "Dealing with High Debt in an Era of Low Growth", Staff Discussion Notes 2013, 007 (2013), accessed 12/5/2025, https://doi.org/10.5089/9781484316139.006

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Disclaimer: This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors and not to the IMF, its Executive Board, or its management. Staff Discussion Notes are published to elicit comments and to further debate.

Summary

task has become particularly challenging in European advanced economies where expectations of low growth and limits to monetary policy support are shifting the burden of adjustment onto fiscal consolidation. The SDN will investigate the main drivers behind successful past debt reversals, focusing on macroeconomic and financial market conditions, the speed and form of fiscal adjustment, and the institutional policy setting, among other things. Its policy conclusions will depend on the emerging stylized facts but are likely to include considerations on the design and pace of fiscal consolidation, taking into account country-specific as well as regional economic, institutional, and political factors.

Subject: Asset and liability management, Debt reduction, Fiscal consolidation, Fiscal policy, Fiscal stance, Inflation, Prices, Public debt

Keywords: debt, debt ratio, debt reduction, Debt reduction, debt reversal, economy, Europe, financing debt, Fiscal Consolidation, Fiscal stance, GDP, General Government Debt, Global, Inflation, interest rate, multiplier effect, Public Debt Sustainability, reduction episode, risk premium, SDN

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