Bijgaand het officiële stuk "IMF working paper WP/13/266, Financial and Sovereign Debt Crises: Some
Lessons Learned and Those Forgotten" by Carmen M. Reinhart and Kenneth S. Rogoff
Enkele quotes:
-Nowhere is the denial problem more acute than in the collective amnesia about advanced country deleveraging experiences (especially, but not exclusively, before World War II) that involved a variety of sovereign and private restructurings, defaults, debt conversions, and financial repression. This denial has led to policies that in some cases risk exacerbating the final costs of deleveraging.
-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 that advanced countries do not need to resort to the standard toolkit of emerging markets, is not true.
-Even as the recovery consistently proved to be far weaker than most forecasters were expecting, policymakers continued to underestimate the depth and duration of the downturn.
-In Europe, where the financial crisis transformed into sovereign debt crises in several countries, the current phase of the
denial cycle is marked by an official policy approach predicated on the assumption that normal growth can be restored through a mix of austerity, forbearance, and growth.
-It is certainly true that
policymakers need to manage public expectations. However, by consistently choosing instruments and calibrating responses based on overly optimistic medium-term scenarios, they
risk ultimately losing credibility and destabilizing expectations rather than the reverse.
-Table 2 presents the amounts of public post WWI
debt to the United States that was
defaulted on and never repaid. Perhaps not surprisingly, it is largest for
France & GB. French debt defaulted on was 24.2 % of French GDP.
http://www.imf.org/external/pubs/ft/wp/2013/wp13266.pdf
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