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Macro Hive Conversations With Bilal Hafeez
Barry Eichengreen on Fixing the Debt Problem, Dollar Demise and Tech Impacts
Sep 22, 2023
Barry Eichengreen, Professor of Economics, discusses the rise of global debt, the differences between academic and policy conferences, the currency debate in emerging markets, strategies for reducing debt, the challenges of debt restructurings, and the potential impact of AI on productivity growth.
39:58
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Quick takeaways
- Rising public debt is a global issue tied to crises like the financial crisis and the pandemic, and countries struggle to pay down high debt levels.
- Financial repression as a solution for high debt levels is limited in today's global economy due to financial liberalization and digital advancements.
Deep dives
Trends in Global Public Debt
Barry Eichen Green presents a paper on global public debt at the Jackson Hole symposium. He highlights that the problem of rising public debts is global, with trends showing an increase in debt levels across all economies. The jumps in debt are often associated with global crises like the financial crisis and the pandemic. Eichen Green emphasizes that while countries are good at running budget deficits to respond to emergencies, they struggle with paying down high public debt.
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