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Global debt dynamics: the elephant in the room

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journal contribution
posted on 2023-06-09, 12:15 authored by Andreas AntoniadesAndreas Antoniades, Stephany Griffith-Jones
This introduction analyses the nature and characteristics of global debt dynamics in the post global financial crisis (GFC) 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 inter-sectorial, inter-national, 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, i.e. 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.

History

Publication status

  • Published

File Version

  • Accepted version

Journal

World Economy

ISSN

0378-5920

Publisher

Wiley

Issue

12

Volume

41

Page range

3256-3268

Department affiliated with

  • International Relations Publications

Research groups affiliated with

  • Centre for Global Political Economy Publications
  • Sussex Sustainability Research Programme Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2018-02-20

First Open Access (FOA) Date

2020-02-15

First Compliant Deposit (FCD) Date

2018-02-20

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