Eichengreen, Barry; Esteves, Rui Pedro - In: Oxford open economics 1 (2022), pp. 1-20
a panel of debt consolidation episodes spanning 220 years and 183 nations. The evidence confirms that moderate inflation … consolidations was lower in periods of relatively high inflation, when interest rates show a tendency to quickly catch up. The … largest concentration of debt consolidations in fact coincides with periods of relatively low and stable inflation in the …