COURSE “MACROECONOMIC POLICY” PROF. MARTIN GILMAN Master class 27 April 2015.

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COURSE “MACROECONOMIC POLICY” PROF. MARTIN GILMAN Master class 27 April 2015

US P UBLIC DEBT TO GDP SINCE 1970

US D EBT AND GDP SINCE 1952

US P RIVATE S ECTOR F INANCIAL S URPLUS

US 10 YR TR SINCE 1800

US B UYBACKS AND DIVIDENDS SINCE 2004

US cash holdings of companies from 1960

US C URRENT ACCOUNT SINCE 2000

OEСD DELEVERAGING SINCE 2000

A DVANCED E CONOMICS ARE THE MOST INDEBTED IN THE WORLD

UK S ECTORAL NET LENDING OBR

G LOBAL G ROWTH (S OURCE IMF)

OECD TOTAL DEBT GDP S INCE 2000 WITH G ERMANY

W HAT G REECE OWES AND WHEN ?

H ISTORICAL E XITS FROM R OGOFF AND R EINHART

S OVEREIGN D EFAULT AND P RIMARY B UDGET B ALANCES OF S ELECTED C OUNTRIES