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| https://www.aeaweb.org/journals/pandp |
"Over the past two centuries, debt in excess of 90 percent has typically been associated with mean growth of 1.7 percent versus 3.7 percent when debt is low (under 30 percent of GDP) (...). [Countries] that choose to rely excessively on short-term borrowing to fund growing debt levels are particulary vulnerable to crises in confidence that can provoke very sudden and 'unexpected' financial crises."
Carmen M. Reinhart and Kenneth S. Rogoff, «Growth in a Time of Debt», American Ecomic Review: Papers & Proceedings, 1000, (May 2010): 573-578.
