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180827 ||| eng |
| 020 |
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|a 9781484361658
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| 100 |
1 |
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|a Mbaye, Samba
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| 245 |
0 |
0 |
|a Bailing Out the People? When Private Debt Becomes Public
|c Samba Mbaye, Marialuz Moreno Badia, Kyungla Chae
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2018
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| 300 |
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|a 45 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Public debt
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| 653 |
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|a Finance
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| 653 |
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|a Public finance & taxation
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| 653 |
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|a Financial crises
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| 653 |
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|a Fiscal Policy
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| 653 |
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|a Debts, Public
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| 653 |
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|a Exports and Imports
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| 653 |
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|a International Lending and Debt Problems
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| 653 |
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|a National accounts
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| 653 |
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|a Private debt
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| 653 |
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|a International Business Cycles
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| 653 |
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|a Financial markets
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| 653 |
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|a Emerging and frontier financial markets
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| 653 |
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|a Capital and Ownership Structure
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| 653 |
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|a Goodwill
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Financial Risk and Risk Management
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| 653 |
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|a Financing Policy
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| 653 |
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|a Financial Risk Management
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| 653 |
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|a Economic & financial crises & disasters
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| 653 |
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|a Value of Firms
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| 653 |
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|a Debt Management
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| 653 |
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|a Debt
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| 653 |
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|a Fiscal policy
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a International economics
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| 653 |
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|a Debts, External
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| 653 |
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|a Sovereign Debt
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| 653 |
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|a Debt burden
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| 653 |
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|a Economic History: Financial Markets and Institutions: General, International, or Comparative
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| 653 |
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|a Financial Markets and the Macroeconomy
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| 653 |
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|a Financial services industry
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| 653 |
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|a Public Finance
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| 653 |
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|a Finance: General
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| 653 |
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|a Financial Crises
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| 700 |
1 |
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|a Chae, Kyungla
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| 700 |
1 |
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|a Moreno Badia, Marialuz
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781484361658.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2018/141/001.2018.issue-141-en.xml?cid=45904-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a This paper documents a form of private sector bailout that is much more common (and yet unnoticed) than the typical bank bailout. Building on the newly-created Global Debt Database, we show that excess private debt systematically turns into higher public debt, regardless of whether the credit boom resulted in a crisis or a more orderly deleveraging process. This debt migration operates mainly through growth rather than explicit bailouts: private deleveraging weighs on activity, prompting a countercyclical government response to support economic activity. Ultimately, whether this debt substitution results in a net increase or a net decline of overall indebtedness in the economy depends on the extent of the growth slowdown during the deleveraging spell. These findings suggest that markets and policymakers should move away from looking at private and sovereign debt in silos and pay closer attention to the total stock of debt in the economy, as the line between the two tends to become blurry
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