Public Debt or Private Debt?
Steve Keen has an article in the Australian Business Spectator that features the following graph in which the red line is the ratio of government debt to GDP (debt to the banking sector only) in Australia and the blue is the ratio of private debt to GDP in Australia.
Given the present situation, it would be useful to have similar graphs available for a whole range of countries. Can anyone help?
Leave a Reply Cancel reply
Guidelines for Comments
• This blog is renowned for its high level of comment discussion. These guidelines exist to further that reputation.
• Engage with the arguments of the post and of your fellow discussants.
• Try not to flood discussion threads with only your comments.
• Do not post slight variations of the same comment under multiple posts.
• Show your fellow discussants the same courtesy you would if you were sitting around a table with them.
Real World Economics Review
Real World Economics Review
WEA – May 2011 – 11,500+ members
5600 people follow this blog on Twitter
Recent Comments
- davetaylor1 on Paul Davidson at University of chicago economics department seminar
- Leopold on IS-LM is bad economics no matter what Krugman says
- Leopold on IS-LM is bad economics no matter what Krugman says
- Leopold on IS-LM is bad economics no matter what Krugman says
- henry1941 on Sweden’s 30 years of income redistribution
- BFWR on Further suggestions for Krugman’s IS-LM reading list
- paul davidson on Further suggestions for Krugman’s IS-LM reading list
- Steve on Further suggestions for Krugman’s IS-LM reading list
- Paul Grignon on Graphs of the day – the investment slump in the Eurozone (3 graphs)
- Herb Wiseman on Sweden’s 30 years of income redistribution
- Mike Meeropol on Paul Davidson at University of chicago economics department seminar
- Gunnar Tómasson on Further suggestions for Krugman’s IS-LM reading list
- ezra abrams on Sweden’s 30 years of income redistribution
- Robert Locke on Paul Davidson at University of chicago economics department seminar
- lyonwiss on Paul Davidson at University of chicago economics department seminar
Top Posts and Pages- last 48 hours
- Sweden's 30 years of income redistribution
- Further suggestions for Krugman’s IS-LM reading list
- Paul Davidson at University of chicago economics department seminar
- The state of economics: Krugman is wrong
- Graphs of the day - the investment slump in the Eurozone (3 graphs)
- IS-LM is bad economics no matter what Krugman says
- Emerging vs. developed countries' GDP growth rates 1986 to 2015
- Chart of the day: Public vs. private US debt to GDP ratios
- Creating an Economics for the 21st Century
- 20 graphs showing inequality in the USA
Revere Award in Economics
Dynamite Prize for Economics
Blog Authors
- anmayhew
- Lewis L. Smith
- bruceedmonds
- Kevin P. Gallagher
- deanbaker1
- Steve Keen
- Deniz Kellecioglu
- David F. Ruccio
- donaldgillies
- Peter Dorman
- Editor
- frankackerman
- frankrotering
- Edward Fullbrook
- iettogg
- jamieamorgan
- Jim Stanford
- julieanelson
- Mark Weisbrot
- merijnknibbe
- paul davidson
- Juan Pablo Pardo-Guerra
- Peter Earl
- pesod
- peterradford
- paul ormerod
- Peter Earl
- staveren
Most downloaded RWER papers
- Green capitalism: the god that failed (Richard Smith)
- The housing bubble and the financial crisis (Dean Baker)
- Why some countries are poor and some rich: a non-Eurocentric view (Deniz Kellecioglu)
- What Is Neoclassical Economics? (Christian Arnsperger and Yanis Varoufakis)
- Debunking the theory of the firm—a chronology (Steve Keen and Russell Standish)
- New thinking on poverty (Paul Shaffer)
- Trade and inequality: The role of economists (Dean Baker)
- The state of China’s economy 2009 (James Angresano)
- Global finance in crisis (Jacques Sapir)
RWER Contributors
Editor: Edward Fullbrook. Associate Editor: Jamie Morgan. PAST CONTRIBUTORS: James Galbraith, Frank Ackerman, André Orléan, Hugh Stretton, Jacques Sapir, Edward Fullbrook, Gilles Raveaud, Deirdre McCloskey, Tony Lawson, Geoff Harcourt, Joseph Halevi, Sheila C. Dow, Kurt Jacobsen, The Cambridge 27, Paul Ormerod, Steve Keen, Grazia Ietto-Gillies, Emmanuelle Benicourt, Le Movement Autisme-Economie, Geoffrey Hodgson, Ben Fine, Michael A. Bernstein, Julie A. Nelson, Jeff Gates, Anne Mayhew, Bruce Edmonds, Jason Potts, John Nightingale, Alan Shipman, Peter E. Earl, Marc Lavoie, Jean Gadrey, Peter Söderbaum, Bernard Guerrien, Susan Feiner, Warren J. Samuels, Katalin Martinás, George M. Frankfurter, Elton G. McGoun, Yanis Varoufakis, Alex Millmow, Bruce J. Caldwell, Poul Thøis Madsen, Helge Peukert, Dietmar Lindenberger, Reiner Kümmel, Jane King, Peter Dorman, K.M.P. Williams, Frank Rotering, Ha-Joon Chang, Claude Mouchot, Robert E. Lane, James G. Devine, Richard Wolff, Jamie Morgan, Robert Heilbroner, William Milberg, Stephen T. Ziliak, Steve Fleetwood, Tony Aspromourgos, Yves Gingras, Ingrid Robeyns, Robert Scott Gassler, Grischa Periono, Esther-Mirjam Sent, Ana Maria Bianchi, Steve Cohn, Peter Wynarczyk, Daniel Gay, Asatar Bair, Nathaniel Chamberland, James Bondio, Jared Ferrie, Goutam U. Jois, Charles K. Wilber, Robert Costanza, Saski Sivramkrishna, Jorge Buzaglo, Jim Stanford, Matthew McCartney, Herman E. Daly, Kyle Siler, Kepa M. Ormazabal, Antonio Garrido, Robert Locke, J. E. King, Paul Davidson, Juan Pablo Pardo-Guerra, Kevin Quinn, Trond Andresen, Shaun Hargreaves Heap, Lewis L. Smith, Gautam Mukerjee, Ian Fletcher, Rajni Bakshi, M. Ben-Yami, Deborah Campbell, Irene van Staveren, Neva Goodwin, Thomas Weisskopf, Mehrdad Vahabi, Erik S. Reinert, Jeroen Van Bouwel, Bruce R. McFarling, Pia Malaney, Andrew Spielman, Jeffery Sachs, Julian Edney, Frederic S. Lee, Paul Downward, Andrew Mearman, Dean Baker, Tom Green, David Ellerman, Wolfgang Drechsler, Clay Shirky, Bjørn-Ivar Davidsen, Robert F. Garnett, Jr., François Eymard-Duvernay, Olivier Favereau, Robert Salais, Laurent Thévenot, Mohamed Aslam Haneef, Kurt Rothschild, Jomo K. S., Gustavo Marqués, David F. Ruccio, John Barry, William Kaye-Blake; Michael Ash, Donald Gillies, Kevin P.Gallagher, Lyuba Zarsky, Michel Bauwens, Bruce Cumings, Concetta Balestra, Frank Fagan, Christian Arnsperger, Stanley Alcorn, Ben Solarz, Sanford Jacoby, Kari Polanyi, P. Sainath, Margaret Legum, Juan Carlos Moreno-Brid, Igor Pauno, Ron Morrison, John Schmitt, Ben Zipperer, John B. Davis, Alan Freeman, Andrew Kliman, Philip Ball, Alan Goodacre, Robert McMaster, David A. Bainbridge, Richard Parker, Tim Costello, Brendan Smith, Jeremy Brecher, Peter T. Manicas, Arjo Klamer, Donald MacKenzie, Max Wright, Joseph E. Stiglitz. George Irvin, Frédéric Lordon, James Angresano, Robert Pollin, Heidi Garrett-Peltier, Dani Rodrik, Marcellus Andrews, Riccardo Baldissone, Ted Trainer, Kenneth J. Arrow, Brian Snowdon, Helen Johns, Fanny Coulomb, J. Paul Dunne, Jayati Ghosh, L. A Duhs, Paul Shaffer, Donald W Braben, Roland Fox, Marco Gillies, Joshua C. Hall, Robert A. Lawson, Will Luther, JP Bouchaud, Claude Hillinger, George Soros, David George, Alan Wolfe, Thomas I. Palley, Sean Mallin, Clive Dilnot, Dan Turton, Korkut Ertürk, Gökcer Özgür, Geoff Tily, Jonathan M. Harris, Thomas I. Palley, Jan Kregel, Peter Gowan, David Colander, Hans Foellmer, Armin Haas, Alan Kirman, Katarina Juselius, Brigitte Sloth, Thomas Lux, Luigi Sapaventa, Gunnar Tómasson, Anatole Kaletsky, Robert R Locke, Bill Lucarelli, L. Randall Wray, Mark Weisbrot, Walden Bello, Marvin Brown, Deniz Kellecioglu, Esteban Pérez Caldentey, Matías Vernengo, Thodoris Koutsobinas, David A. Westbrook, Peter Radford, Paul A. David, Richard Smith, Russell Standish, Yeva Nersisyan, Elizabeth Stanton, Jonathan Kirshner, Thomas Wells, Bruce Elmslie, Steve Marglin, Adam Kessler, John Duffield, Mary Mellor, Merijn Knibbe, Michael Hudson, Lars Pålsson Syll, Korkut Erturk, Jane D’Arista, Richard Smith, Ali Kadri, Egmont Kakarot-Handtke, Ozgur Gun, George DeMartino, Robert H. Wade, Silla Sigurgeirsdottir, Victor A. Beker, Pavlina R. Tcherneva, Ali Kadri, Egmont Kakarot-Handtke, Ozgur Gun, George DeMartino, Robert H. Wade, Silla Sigurgeirsdottir, Victor A. Beker, Pavlina R. Tcherneva
RWER Board of Editors
Nicola Acocella (Italy, University of Rome) Robert Costanza (USA, Portland State University) Wolfgang Drechsler ( Estonia, Tallinn University of Technology) Kevin Gallagher (USA, Boston University) Jo Marie Griesgraber (USA, New Rules for Global Finance Coalition) Bernard Guerrien (France, Université Paris 1 Panthéon-Sorbonne) Michael Hudson (USA, University of Missouri at Kansas City) Frederic S. Lee (USA, University of Missouri at Kansas City) Anne Mayhew (USA, University of Tennessee) Gustavo Marqués (Argentina, Universidad de Buenos Aires) Julie A. Nelson (USA, University of Massachusetts, Boston) Paul Ormerod (UK, Volterra Consulting) Richard Parker (USA, Harvard University) Ann Pettifor (UK, Policy Research in Macroeconomics) Alicia Puyana (Mexico, Latin American School of Social Sciences) Jacques Sapir (France, École des hautes études en sciences socials) Peter Söderbaum (Sweden, School of Sustainable Development of Society and Technology) Peter Radford (USA, The Radford Free Press) David Ruccio (USA, Notre Dame University) Immanuel Wallerstein (USA, Yale University)
Family Links
- David Ruccio’s Blog
- Dean Baker Op-Eds and Columns
- Global Development and Environmental Institute
- Mark Weisbrot Op-Eds and Columns
- No Apparent Motive
- Real Climate Economics
- real-world economics review
- Richard Wolff
- Steve Keen’s Debtwatch
- The Progressive Economics Forum
- The Radford Free Press
- Triple Crisis
- Walking Against Australia's Property Mania
Contact
Archives
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
On page 77 of THE ABC’S OF THE ECONOMIC CRISIS by Fred Magdoff and Michael Yates (Monthly Review Press, 2009) there is a similar graph which breaks down private sector debt into the household sector, nonfinancial business, and financial business.
The macro imbalances scoreboard of the eurostat is handy for EU countries:
http://epp.eurostat.ec.europa.eu/portal/page/portal/excessive_imbalance_procedure/imbalance_scoreboard
Here’s the UK: https://docs.google.com/a/aldur.co.uk/spreadsheet/oimg?key=0ArdjNI9-uVaDdEd5Q0c0THFPeTNtcTh2X0lWYlFOSVE&oid=8&zx=jetqj2f0fwpk
Yikes! Whose money are you Brits spending?
For private debt to GDP ratio from March-12:
http://business.financialpost.com/2012/03/15/portugals-private-debt-mountain-threatens-recovery/
Stacked bar graph breakdown:
http://www.gfmag.com/tools/global-database/economic-data/11855-total-debt-to-gdp.html#axzz2AmleUmCd
interesting to see which troubled nation is last with the least private debt to GDP on both graphics.
I made a graph of (prive debt)/(GDP) for many countries from data obtained by clicking through kkalev’s link.
Click the calculator with green ball in the “Private Debt” section. The data can be downloaded by clicking the disk icon. On the upper left hand side one can click graph and map which makes a graph for a single date.
I don’t know how to upload the graphs using comment.
If you can eamil them to me at pae@news@btinternet.com, I can try to upload them tomorrow. Thanks
You want the crisis to end, look at that chart….and start DEMANDING a modern debt jubilee.
You want a stable economy and money system in perpetuity that individuals will control and make policy in with their sufficient purchasing power money-votes? Then pay more attention to the ever present and most deeply embedded REALITIES of commerce/the economy, and less to the still incompletely analyzed and oft inaccurate or mistaken abstractions in present theory. A primer on the release from mere theory and the failed experiment of homo economicus into the realities of both commerce/the economy AND the higher realisms of our true species designation, homo sapiens, i.e. wisdom discerning man can be found here:
The situation for Germany: http://tandemvipera.blogspot.de/2012/06/im-netz-der-spinne.html
and in english http://genreith.de/index.php?id=economics-of-growth-and-crisis . Link to free web-text for graphs and so on.