Budget, Debt, and Deficits

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NBER: From Financial Crash to Debt Crisis

Authors: Carmen M. Reinhart and Kenneth S. Rogoff

Newly developed long historical time series on public debt, along with modern data on external debts, allow a deeper analysis of the cycles underlying serial debt and banking crises. The evidence confirms a strong link between banking crises and sovereign default across the economic history of great many countries, advanced and emerging alike

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