forecast
Financial Repression As Universal Debt Solution
Financial repression—forcing banks, insurance companies and pension funds to hold more government debt—will be part of the solution in every advanced country, but it hurts financial intermediation and makes lending less efficient, contributing to slower growth as seen in Japan and post-crisis Europe.
forecastpending
Speaker
Kenneth RogoffEvidence Quote
“Financial repression is going to be part of the solution in every advanced country where you force banks, insurance companies, pension funds to hold more debt. We’ve done that already, and they’ve done it in a big way. It’s hurt their financial intermediation, so it makes lending less efficient, and that’s part of why their growth has suffered.”
Created: 6/13/2026, 3:28:48 AM
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