|Generate QR code
Open Access
Subscription Access
A new wave of the global debt crisis: the risks increase
https://doi.org/10.32609/0042-8736-2017-12-81-95
Abstract
Unlike the formally overcome global financial and economic crisis, which began in 2008, the global debt crisis, having passed an acute phase, continues. The article shows the features of the current global debt crisis and analyzes the main trends of its manifestation. The problems of the largest regions and countries with high debt burden - the EU, the USA, Japan, and China - are considered in detail. The main strategies worked out to overcome the current debt crisis have been singled out, and their positive and negative sides for stable economic growth have been assessed. The emerging prerequisites for aggravating the global debt crisis are shown. It is concluded that there is a need to attract more attention of the international community to debt problems, which should become one of the priority goals of global governance.
Keywords
global debt crisis,
state and corporate debt,
debt overhang,
quantitative easing,
European Central Bank,
Federal Reserve System
JEL: E44; E58; E61; F32; F34; H63
About the Author
B. Kheyfets
Institute of Economics, RAS; Financial University under the Government of the Russian Federation
Russian Federation
Russian Federation
References
1. Butorina O. (2012). Causes and consequences of the crisis in the eurozone. Voprosy Ekonomiki, No. 12, pp. 98—115. (In Russian).
2. Kheyfets B. (2002). Solution of debt problems. World experience and Russian reality. Moscow: Nauka. (In Russian).
3. Amadeo K. (2017). How interest on the national debt affects you. https://www. thebalance.com/interest-on-the-national-debt-4119024
4. Amaro S. (2017). Debt crisis 2.0? Worries return to Europe as ECB could be forced to continue with stimulus. CNBC, 13 February. https://www.cnbc.com/2017/02/13/ debt-crisis-20-worries-return-to-europe-as-ecb-could-be-forced-to-continue-with-stimulus.html
5. Armstrong M. (2017). The end of quantitative easing - perhaps now it will be inflationary? https://www.armstrongeconomics.com/world-news/sovereign-debt-crisis/the-end- of-quantitative-easing-perhaps-now-it-will-be-inflationary/
6. Chan Szu Ping (2017). Global debt explodes at ‘eye-watering’ pace to hit £170 trillion. The Telegraph, 4 April. http://www.telegraph.co.uk/business/2017/04/04/ global-debt-explodes-eye-watering-pace-hit-170-trillion/
7. Dobbs R., Lund S., Woetzel J., Mutafchieva M. (2015). Debt and (not much) deleveraging. McKinsey Global Institute.
8. Hedrick-Wong Y. (2015). QE and its global consequences. Forbes, 18 October.
9. Huang Y. (2017). The next global financial crisis: A Chinese sovereign debt default? The National Interest Blog, May 28. http://nationalinterest.org/blog/the-buzz/ the-next-global-financial-crisis-chinese-sovereign-debt-20889
10. IMF (2016). Fiscal Monitor: Debt - use it wisely. October. Wahington, DC: International Monetary Fund.
11. IIF (2017). Global debt monitor. January. Washington, DC: Institute of International Finance.
12. Jubilee Debt Campaign (2017). Global debt crises and threats increase across the world. http://jubileedebt.org.uk/press-release/global-debt-crises-threats-increase-across-world
13. Kaiser J. (2017). Global sovereign indebtedness monitor. Debt Report 2017, English version. Düsseldorf.
14. Keen S. (2016). The seven countries most vulnerable to a debt crisis. Forbes, 27 March.
15. Kheyfets B. (2012). Economic crisis and the Russian debt problem. Journal of Comparative Economic Studies, Vol. 7, pp. 33-52.
16. Klitgaard T., Wheeler H. (2016). The rapidly changing nature of Japan’s public debt. Federal Reserve Bank of New York Liberty Street Economics, June 22. http:// libertystreeteconomics.newyorkfed.org/2016/06/the-rapidly-changing-nature-of-japans-public-debt.html
17. Lund S., Windhagen E., Manyika J., Härle P., Woetzel J., Goldshtein D. (2017). The new dynamics of financial globalization. McKinsey Global Institute.
18. OECD (2013). Debt and macroeconomic stability. Economics Department Policy Note, No. 16.
19. Reinhart C., Reinhart V., Kenneth S., Rogoff K. (2012). Debt overhangs: Past and present. NBER Working Paper, No. 18015. Truth Committee on Public Debt (2015). Preliminary report.
20. Athens. Vague R. (2014). The next economic disaster: Why it’s coming and how to avoid it. Philadelphia, PA: University of Pennsylvania Press.
21. UN (2016). External debt sustainability and development (A/71/276). Report of the Secretary-General. Seventy-first session. General Assembly. 2 August.
22. Wijffelaars M., Loman H. (2015). The eurozone (debt) crisis - causes and crisis response. Rabobank, 18 December. https://economics.rabobank.com/publications/2015/ december/the-eurozone-debt-crisis--causes-and-crisis-response/
23. Wilson K. (2016). The economics of resolving the global debt crisis. https://seekingalpha. com/article/3969722-economics-resolving-global-debt-crisis
24. World Bank (2017). International debt statistics. Washington, DC.
Review
For citations:
Kheyfets B. A new wave of the global debt crisis: the risks increase. Voprosy Ekonomiki. 2017;(12):81-95. (In Russ.) https://doi.org/10.32609/0042-8736-2017-12-81-95
Views:
794
Email this article 
