Global debt dynamics: the elephant in the room

Antoniades, Andreas and Griffith-Jones, Stephany (2018) Global debt dynamics: the elephant in the room. World Economy. ISSN 0378-5920

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Abstract

This introduction analyses the nature and characteristics of global debt dynamics in the post global financial crisis (GFC) period. First, we attempt to map the ways in which debt has been moving from sector to sector, and from one group of countries to another within the global economy. By capturing this inter-sectorial, inter-national, inter-regional movements of global debt we aspire to contribute to a more comprehensive understanding of global debt and its mode of operation. Second, we attempt to analyse what is wrong with global debt dynamics, i.e. we examine the broken link between what global debt was supposed to do and what it does. Here, we point to three interrelated dynamics: the accumulation of unproductive debt, growing inequalities of income and wealth, and the increase in privately-created, interest-bearing money. We conclude by discussing how each paper in this special issue contributes to the current state of the art on the analysis of global debt dynamics in emerging and developing economies.

Item Type: Article
Keywords: global debt, debt crisis, indebtedness, credit allocation, inequality, money creation
Schools and Departments: School of Global Studies > International Relations
Institute of Development Studies
Research Centres and Groups: Centre for Global Political Economy
Sussex Sustainability Research Programme
Subjects: H Social Sciences > HG Finance > HG0201 Money
H Social Sciences > HG Finance > HG1501 Banking > HG1641 Bank loans. Bank credit. Commercial loans
H Social Sciences > HG Finance > HG3691 Credit. Debt. Loans
H Social Sciences > HG Finance > HG3810 Foreign exchange. International finance. International monetary system
H Social Sciences > HJ Public Finance > HJ8001 Public debts
Depositing User: Andreas Antoniades
Date Deposited: 20 Feb 2018 14:03
Last Modified: 04 Sep 2018 13:35
URI: http://sro.sussex.ac.uk/id/eprint/73733

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