Could/should jubilee debt cancellations be reintroduced today?

Goodhart, Charles and Hudson, Michael (2018) Could/should jubilee debt cancellations be reintroduced today? Discussion papers (DP12605). Centre for Economic Policy Research (Great Britain), London, UK.

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Abstract

In this paper we recall the history of Jubilee debt cancellations, emphasizing what their social purpose was at that time. We note that it would not be possible to copy that procedure exactly nowadays, primarily because most debt/credit relationships are intermediated via financial institutions, such as banks, insurance companies, etc., rather than by governments or wealthy families directly. But we argue that the underlying social purpose of such Jubilees- to keep debt within the reasonable ability to be paid without social and economic polarisation - could be recreated via alternative mechanisms, and we discuss the politico-economic arguments for, and against, doing so

Item Type:	Monograph (Discussion Paper)
Official URL:	https://cepr.org/
Additional Information:	© 2018 The Authors
Divisions:	Financial Markets Group
Subjects:	H Social Sciences > HC Economic History and Conditions H Social Sciences > HG Finance H Social Sciences > HJ Public Finance
JEL classification:	E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy Formation, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook > E60 - General E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy Formation, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook > E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy Formation, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook > E62 - Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy Formation, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook > E65 - Studies of Particular Policy Episodes H - Public Economics > H1 - Structure and Scope of Government > H10 - General H - Public Economics > H2 - Taxation, Subsidies, and Revenue > H23 - Externalities; Redistributive Effects; Environmental Taxes and Subsidies H - Public Economics > H8 - Miscellaneous Issues > H80 - General N - Economic History > N3 - Labor and Consumers, Demography, Education, Health, Income, and Wealth > N30 - Economic History: Labor and Consumers, Demography, Education, Health, Income and Wealth: General, International, or Comparative (Migration) N - Economic History > N3 - Labor and Consumers, Demography, Education, Health, Income, and Wealth > N35 - Economic History: Labor and Consumers, Demography, Education, Health, Income and Wealth: Asia including Middle East P - Economic Systems > P4 - Other Economic Systems > P43 - Public Economics; Financial Economics Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics > Q1 - Agriculture > Q15 - Land Ownership and Tenure; Land Reform; Land Use; Irrigation R - Urban, Rural, and Regional Economics > R5 - Regional Government Analysis > R52 - Land Use and Other Regulations Z - Other Special Topics > Z1 - Cultural Economics; Economic Sociology; Economic Anthropology > Z13 - Social Norms and Social Capital; Social Networks
Date Deposited:	22 Feb 2018 12:17
Last Modified:	11 Dec 2024 19:27
URI:	http://eprints.lse.ac.uk/id/eprint/86825

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