What Has Been the Impact of COVID-19 on Debt? Turning a Wave into a Tsunami

Vista sencilla de ítem
dc.creatorKose, M. Ayhan
dc.creatorNagle, Peter
dc.creatorOhnsorge, Franziska
dc.creatorSugawara, Naotaka
dc.date2021-12-03T15:10:25Z
dc.date2021-12-03T15:10:25Z
dc.date2021-11
dc.date.accessioned2026-07-01T00:35:55Z
dc.descriptionThis paper presents a comprehensive analysis of the impact of COVID-19 on debt, puts recent debt developments and prospects in historical context, and analyzes new policy challenges associated with debt resolution. The paper reports three main results. First, even before the pandemic, a rapid buildup of debt in emerging market and developing economies—dubbed the “fourth wave” of debt—had been underway. Because of the sharp increase in debt during the pandemic-induced global recession of 2020, the fourth wave of debt has turned into a tsunami and become even more dangerous. Second, five years after past global recessions, global government debt continued to increase. In light of this historical record, and given large financing gaps and significant investment needs in many countries, debt levels will likely continue to rise in the near future. Third, debt resolution has become more complicated because of a highly fragmented creditor base, a lack of transparency in debt reporting, and a legacy stock of government debt without collective action clauses. National policy makers and the global community need to act rapidly and forcefully ensure that the fourth wave does not end with a string of debt crises in emerging market and developing economies as earlier debt waves did.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/undefined/801991638297695658/What-Has-Been-the-Impact-of-COVID-19-on-Debt-Turning-a-Wave-into-a-Tsunami
dc.identifierhttps://hdl.handle.net/10986/36647
dc.identifierhttps://doi.org/10.1596/1813-9450-9871
dc.identifier.urihttp://hdl.handle.net/123456789/406997
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relationPolicy Research Working Paper;No. 9871
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo
dc.rightsWorld Bank
dc.subjectCORONAVIRUS
dc.subjectCOVID-19
dc.subjectPANDEMIC IMPACT
dc.subjectPUBLIC DEBT
dc.subjectFISCAL TRENDS
dc.subjectPRIVATE DEBT
dc.subjectGLOBAL RECESSION
dc.subjectBUSINESS CYCLE
dc.titleWhat Has Been the Impact of COVID-19 on Debt? Turning a Wave into a Tsunami
dc.typeWorking Paper
dc.typeDocument de travail
dc.typeDocumento de trabajo

Archivos

Colecciones

AgroKnow