Building on the International Monetary Fund (IMF) Global Debt Database (GDD) comprising debts of the public and private non-financial sectors for 190 countries dating back to 1950, Mbaye et al (2018) identify a recurring pattern where households and firms are forced to deleverage in the face of a debt overhang, dampening growth, eliciting the injection of public money to kick-start the economy.
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Photo with acknowledgment to International Student Blog, University of Bergen https://internationalstudentblog.w.uib.no/gear-up-hiking/
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