We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt

A dive into the origins, management, and uses and misuses of sovereign debt through the ages. Public debts have exploded to levels unprecedented in modern histo

The last time global sovereign debt reached the level seen today was at the end of the Second World War, and this shaped a generation of economic policymaking.

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many

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