TY  - JOUR
AU  - Summers,Lawrence H.
TI  - Debt Problems and Macroeconomic Policies
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 2061
PY  - 1986
Y2  - October 1986
UR  - http://www.nber.org/papers/w2061
L1  - http://www.nber.org/papers/w2061.pdf
N1  - Author contact info:
Lawrence H. Summers
Harvard Kennedy School of Government
79 JFK Street
Cambridge, MA 02138
Tel: 617/495-9322
Fax: 617/495-0436
E-Mail: lhs@harvard.edu
AB  - This paper examines the recent dramatic increase in the ratio of US non-financial debt to GNP. It concludes that it is largely the result of federal budget deficits. There does not appear to have been a major change in traditional patterns of private sector borrowing in recent years. The excessive accumulation of Federal debt probably threatens financial stability more than recent increases in private debt.
ER  -