In Spacing Debt Christopher Harker demonstrates that financial debt is as much a spatial phenomenon as it is a temporal and social one. Harker traces the emergence of debt in Ramallah after 2008 as part of the financialization of the Palestinian economy under Israeli settler colonialism. Debt contributes to processes through which Palestinians are kept economically unstable and subordinate. He draws extensively on residents' accounts of living with the explosion of personal debt to highlight the entanglement of consumer credit with other obligatory relations among family, friends, and institutions. Harker offers a new geographical theorization of debt, showing how debt affects urban space, including the movement of bodies through the city, localized economies, and the political violence associated with occupation. Bringing cultural and urban imaginaries into conversation with monetized debt, Harker shows how debt itself becomes a slow violence embedded into the everyday lives of citizens. However, debt is also a means through which Palestinians practice endurance, creatively adapting to life under occupation.

In Spacing Debt Christopher Harker demonstrates that financial debt is as much a spatial phenomenon as it is a temporal and social one. Harker traces the emergence of debt in Ramallah after 2008 as part of the financialization of the Palestinian economy under Israeli settler colonialism. Debt contributes to processes through which Palestinians are kept economically unstable and subordinate. Harker draws extensively on residents' accounts of living with the explosion of personal debt to highlight the entanglement of consumer credit with other obligatory relations among family, friends, and institutions. He offers a new geographical theorization of debt, showing how debt affects urban space, including the movement of bodies through the city, localized economies, and the political violence associated with occupation. Bringing cultural and urban imaginaries into conversation with monetized debt, Harker shows how debt itself becomes a slow violence embedded into the everyday lives of citizens. However, debt is also a means through which Palestinians practice endurance, creatively adapting to life under occupation.

Why our addiction to debt caused the global financial crisis and is the root of our financial woes Adair Turner became chairman of Britain's Financial Services Authority just as the global financial crisis struck in 2008, and he played a leading role in redesigning global financial regulation. In this eye-opening book, he sets the record straight about what really caused the crisis. It didn’t happen because banks are too big to fail—our addiction to private debt is to blame. Between Debt and the Devil challenges the belief that we need credit growth to fuel economic growth, and that rising debt is okay as long as inflation remains low. In fact, most credit is not needed for economic growth—but it drives real estate booms and busts and leads to financial crisis and depression. Turner explains why public policy needs to manage the growth and allocation of credit creation, and why debt needs to be taxed as a form of economic pollution. Banks need far more capital, real estate lending must be restricted, and we need to tackle inequality and mitigate the relentless rise of real estate prices. Turner also debunks the big myth about fiat money—the erroneous notion that printing money will lead to harmful inflation. To escape the mess created by past policy errors, we sometimes need to monetize government debt and finance fiscal deficits with central-bank money. Between Debt and the Devil shows why we need to reject the assumptions that private credit is essential to growth and fiat money is inevitably dangerous. Each has its advantages, and each creates risks that public policy must consciously balance.

World War I created a set of forces that affected the political arrangements and economies of all the countries involved. This period in global economic history between World War I and II offers rich material for studying international monetary and sovereign debt policies. Debt and Entanglements between the Wars focuses on the experiences of the United States, United Kingdom, four countries in the British Commonwealth (Australia, New Zealand, Canada, Newfoundland), France, Italy, Germany, and Japan, offering unique insights into how political and economic interests influenced alliances, defaults, and the unwinding of debts. The narratives presented show how the absence of effective international collaboration and resolution mechanisms inflicted damage on the global economy, with disastrous consequences.

What constitutes fiscal space or a prudent level of debt to conduct countercyclical policy while ensuring debt sustainability? This paper addresses the question by exploring the relationship between debt dynamics, and the probabilistic distribution of the primary balance and the effective interest rate. This proposed approach is useful in situations where the lack of relevant data makes it difficult to estimate detailed fiscal reaction functions. Applying this approach to Low-Income Developing Countries (LIDCs) and based on various debt ceiling assumptions, we find that about 60 percent of these countries presently have fiscal policy space to address adverse shocks, subject to the availability of domestic and external financing. Countries with strong institutional capacity tend to have more fiscal space, and countries with weak institutional capacity, mostly countries in conflict and fragile states, tend to lack fiscal space.

In an era when many of us depend on debt to survive but struggle with its consequences, Financing Prosperity by Dealing with Debt draws together current thinking on how to solve debt crises and promote prosperity. By profiling existing action by credit unions and community organisations, alongside bold proposals for the future, with contributions from artists, activists and academics, the book shows how we can rethink the validity and inevitability of many contemporary forms of debt through organising debt audits, promoting debt cancellation and expanding member-owned co-operatives. The authors set out legal and political methods for changing the rules of the system to provide debt relief and reshape economies for more inclusive and sustainable flourishing. The book also profiles community-based actions that are changing the role of debt in economic, social and political life – among them, participatory art projects, radical advice networks and ways of financing feminist green transition. While much of the research and activism documented here has taken place in London, the contributors show how different initiatives draw from and generate inspiration elsewhere, from debt audits across the global south, creative interventions around the UK and grassroots movements in North America. Financing Prosperity by Dealing with Debt moves beyond critique to present a wealth of concrete ways to tackle debt and forge the prosperous communities we want for the future.

This paper compares debt-for-climate swaps—partial debt relief operations conditional on debtor commitments to undertake climate-related investments—to alternative fiscal support instruments. Because some of the benefits of debt-climate swaps accrue to non-participating creditors, they are generally less efficient forms of support than conditional grants and/or broad debt restructuring (which could be linked to climate adaptation when the latter significantly reduces credit risk). This said, debt-climate swaps could be superior to conditional grants when they can be structured in a way that makes the climate commitment de facto senior to debt service; and they could be superior to comprehensive debt restructuring in narrow settings, when the latter is expected to produce large economic dislocations and the debt-climate swap is expected to materially reduce debt risks (and achieve debt sustainability). Furthermore, debt-climate swaps could be useful to expand fiscal space for climate investment when grants or more comprehensive debt relief are just not on the table. The paper explores policy actions that would benefit both debt-climate swaps and other forms of climate finance, including developing markets for debt instruments linked to climate performance.