文档介绍：WP/13/266
Financial and Sovereign Debt Crises: Some
Lessons Learned and Those Forgotten
Carmen M. Reinhart and h S. Rogoff
© 2013 International ary Fund WP/13/266
IMF Working Paper
Research Department
Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten1
Prepared by Carmen M. Reinhart and h S. Rogoff
Authorized for distribution by Stijn Claessens
December 2013
This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily
represent those of the IMF or IMF policy. Working Papers describe research in progress by the
author(s) and are published to ments and to further debate.
Abstract
Even after one of the most severe multi-year crises on record in the advanced
economies, the received wisdom in policy circles clings to the notion that high-e
countries pletely different from their emerging market counterparts. The current
phase of the official policy approach is predicated on the assumption that debt sustainability
can be achieved through a mix of austerity, forbearance and growth. The claim is that
advanced countries do not need to resort to the standard toolkit of emerging markets,
including debt restructurings and conversions, higher inflation, capital controls and other
forms of financial repression. As we document, this claim is at odds with the historical track
record of most advanced economies, where debt restructuring or conversions, financial
repression, and a tolerance for higher inflation, or bination of these were an integral
part of the resolution of significant past debt overhangs.
JEL Classification Numbers: E6, E44, F3, F34, G1, H6, N10
Keywords: Financial crises, sovereign debt crises, deleveraging, credit cycles, financial
repression, debt restructuring.
Author’s E-Mail Address: Carmen_******@, ******@
1 This paper was wri