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Sovereign Debt in Advanced Economies: Overview and Issues for Congress

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CRS – Sovereign Debt in Advanced Economies: Overview and Issues for Congress, Rebecca M. Nelson, Analyst in International Trade and Finance, February 29, 2012

  • “Sovereign debt, also called public debt or government debt, refers to debt incurred by governments. Since the global financial crisis of 2008-2009, public debt in advanced economies has increased substantially. A number of factors related to the financial crisis have fueled the increase, including fiscal stimulus packages, the nationalization of private-sector debt, and lower tax revenue. Even if economic growth reverses some of these trends, such as by boosting tax receipts and reducing spending on government programs, aging populations in advanced economies are expected to strain government debt levels in coming years. High levels of debt in advanced economies are a new global concern. High public debt levels have become unsustainable in three Eurozone countries: Greece, Ireland, and Portugal. These countries turned to the International Monetary Fund (IMF) and other European governments for financial assistance in order to avoid defaulting on their loans. Japan’s credit rating was downgraded by Standard and Poor’s (S&P) in January 2011 over concerns about debt levels, and its rating was put on a negative outlook in April 2011. In August 2011, S&P downgraded long term U.S. government debt from AAA (the highest possible rating) to AA+. To date, many advanced-economy governments have embarked on fiscal austerity programs (such as cutting spending or increasing taxes) to address historically high levels of debt. This policy response has been criticized by some economists as possibly undermining a weak recovery from the global financial crisis. Others argue that the austerity plans do not go far enough, and that more reforms.”
  • Related postings on financial system

    • HathiTrust – the future of digital libraries has many paths

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    Grounding Tomorrow’s Digital Library in Traditional Values: “Mr. Wilkin is executive director of HathiTrust, an online digital repository with more than 10 million volumes. Created in 2008 with the help of Google’s ambitious book-scanning project, the effort is housed at Michigan but draws on the collections and resources of more than 60 partner institutions. “From… Continue Reading

    Pew – The emerging information landscape – 8 realities of the "new normal"

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    “Pew Director Lee Rainie gave a keynote at the NFAIS annual conference about the way the internet and mobile connectivity have transformed the worlds of networked individuals. He discussed how normal life has changed in the past decade because of three revolutions in technology: 1) the spread of broadband; 2) the rise of mobile connectivity;… Continue Reading