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Global debt dynamics: The elephant in the room

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  • Andreas Antoniades
  • Stephany Griffith‐Jones

Abstract

This introduction analyses the nature and characteristics of global debt dynamics in the post global financial crisis 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 intersectorial, international, 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, that is, 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.

Suggested Citation

  • Andreas Antoniades & Stephany Griffith‐Jones, 2018. "Global debt dynamics: The elephant in the room," The World Economy, Wiley Blackwell, vol. 41(12), pages 3256-3268, December.
    • Handle: RePEc:bla:worlde:v:41:y:2018:i:12:p:3256-3268
    DOI: 10.1111/twec.12623
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    Cited by:

    1. Bernardo Cantone & Alexander S. Antonarakis & Andreas Antoniades, 2021. "The great stagnation and environmental sustainability: A multidimensional perspective," Sustainable Development, John Wiley & Sons, Ltd., vol. 29(3), pages 485-503, May.
    2. Jorge Carrera & Pablo de la Vega, 2022. "The Effect of External Debt on Greenhouse Gas Emissions," Papers 2206.01840, arXiv.org, revised Apr 2024.
    3. Carrera, Jorge & de la Vega, Pablo, 2021. "The impact of income inequality on public debt," The Journal of Economic Asymmetries, Elsevier, vol. 24(C).
    4. Hiep Ngoc Luu & Nguyen Hanh Luu & Huong Thi Thu Phung, 2024. "Would external debts promote sustainable development in emerging and low‐income countries?," Journal of International Development, John Wiley & Sons, Ltd., vol. 36(2), pages 1110-1128, March.

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