University of Cambridge > Talks.cam > Cambridge-INET Institute, Faculty of Economics > Ademu lecture: “Fiscal sustainability: What makes the Euro Area different?”

Ademu lecture: “Fiscal sustainability: What makes the Euro Area different?”

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Governments issue debt denominated in two forms: real debt, which is a claim to real resources, and nominal debt, which is a claim to currency. Euro Area countries, who do not individually control their monetary policies, effectively issue real debt, while nations with monetary sovereignty—the U.K., the U.S., and Japan, for example—mostly issue nominal debt. Debt denomination carries important implications for a country’s fiscal sustainability. This talk explores those implications and applies them to the slow-growth and low-inflation problems that many countries now face.

This talk is part of the Cambridge-INET Institute, Faculty of Economics series.

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