Jan
29
Public and Public plus Private debt to GDP
Update 2: Put up a second graph showing debt of Spain.
Update: I just read the most recent article of Stiglitz. I mostly agree. However, I'm not quite sure what he means when he says that
Spain and Ireland had fiscal surpluses and low debt/GDP ratios before the crisis.
I updated the graph below with the Reinhardt and Rogoff data, now including Ireland. Not exactly a low debt to GDP ratio. I'm pretty positive that one cannot ignore this amount of debt, whether it's held by private or government.
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This data comes from "This Time is Different" by Carmen Reinhart and Kenneth Rogoff. "Eight Centuries of Financial Folly" is the subtitle.
Update: I just read the most recent article of Stiglitz. I mostly agree. However, I'm not quite sure what he means when he says that
Spain and Ireland had fiscal surpluses and low debt/GDP ratios before the crisis.
I updated the graph below with the Reinhardt and Rogoff data, now including Ireland. Not exactly a low debt to GDP ratio. I'm pretty positive that one cannot ignore this amount of debt, whether it's held by private or government.
-------------------------------------------------------------------------------------------------
This data comes from "This Time is Different" by Carmen Reinhart and Kenneth Rogoff. "Eight Centuries of Financial Folly" is the subtitle.
