Financial repression: a more subtle knife

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High public sector debt levels are set to remain at the core of the economic policy debate. Periods of elevated and rapidly rising debt are rarely reversed without some form of default. This need not be explicit. It can be more subtle and covert. It can take the form of inflation, regulation, and the creation of ‘captive markets’ for bonds. The stage is set for an extended period of financial repression. Fiscal incontinence The latest IMF Fiscal Monitor tentatively estimates that the average gross public sector debt ratio for the advanced economies as a group will increase thi
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