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The Debt-Development Dilemma: Challenges, Channels, and Complexities

In: Debt and Development in Small Island Developing States

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  • David F. Tennant

Abstract

The recent global financial and economic crisis has significantly impacted public debt levels and trends.1 Between 2007 and 2009, average debt levels increased by about 20 percent (in real terms) in countries that did not experience systemic financial crises and by about 75 percent in countries that did (Reinhart and Rogoff 2010). This is attributed to direct bailout costs in some countries, the adoption in many countries of stimulus packages to deal with the recession, and substantial declines in government revenues that affected most countries.

Suggested Citation

  • David F. Tennant, 2014. "The Debt-Development Dilemma: Challenges, Channels, and Complexities," Palgrave Macmillan Books, in: Debt and Development in Small Island Developing States, chapter 0, pages 11-27, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-39278-7_2
    DOI: 10.1057/9781137392787_2
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