But the composition of debt has shifted sharply, as government borrowing has soared while private debt has fallen.
"While financial risks abound, the composition of debt ownership means the government can brush off hard hits for now," he said.
This argument mostly applies for total leverage (not considered in our study) and it could be less relevant with respect to the composition of debt.
Various scholars in the finance research field supplement their research on the absolute level of debt by offering work on the composition of debt as an additional substream of research on financial restructuring during distress (Gennaioli and Rossi 2013).
It was not only insufficiently deep for economic recovery, but it also led to a change in the composition of debt -- from private creditors to official creditors -- making further restructurings more difficult.
Now, the composition of that debt is changing: rising public debt, falling private debt.
The composition of that debt has shifted, too: more is tied to student debts, and less to homes.
Most analysts had bet on only the dollar, the yen and the euro.The choice of currencies (and hence presumably the weights), said Mr Zhou, depended not only on the pattern of China's trade but also on the sources of its foreign direct investment (FDI) and the currency composition of its debt.
Past that, Bishop said, negotiators are working on small issues -- things like the composition of a debt restructuring board and the majority needed for board actions.
If capital is to be allocated efficiently, markets need information about emerging economies, particularly the health of their financial sectors and the size and composition of their external debt.
This paper examines the consequences of the scale and composition of the public debt in policy regimes in which monetary policy is 'passive' and fiscal policy 'active'active
