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The Financial Times published my letter to the editor last week responding to Gillian Tett’s article “Will sovereign debt be the new subprime?” I elaborated on the risks of increasing public debt in the U.S. and other developed countries, and warned that mere perception of an excessive supply of sovereign debt can reduce the real value of that debt. Here’s my letter:
Recent developments have brought to the front the importance and relevance of the Center’s extensive work on improving access to financial services in developing countries, where a very large proportion of households and firms lack such access. First, in the Pittsburgh Summit Communiqué, the G-20 pledged to: