Good debt scrabble economy

Un planteamiento de la política fiscal basado en el método de los balances generales

WASHINGTON, DC – Todo el mundo habla de deuda y se citan cifras nominales enormes que afectan en gran medida a los debates sobre las políticas públicas en todo el mundo, pero toda la deuda no se crea igual.

Para empezar, por lo que a la deuda pública se refiere, hay una gran diferencia entre las cifras brutas y las netas. Mientras que la deuda pública bruta del Japón, por ejemplo, asciende nada menos que a un 246 por ciento del PIB, la cifra neta, que tiene en cuenta las deudas intraestatales, es un 127 por ciento del PIB.

Además, lo que de verdad debe importar respecto de la carga de deuda pública de un país es el previsto costo anual de los intereses. Como ha señalado recientemente Daniel Gros, la deuda que se puede refinanciar indefinidamente con un tipo de cero interés en modo alguno es una deuda. Se trata de un ejemplo extremo, pero cuanto más cerca de cero esté un tipo de interés fijo y cuanto más largo llegue a ser el vencimiento, menor será la carga del volumen de deuda.

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