With advanced economies experiencing high levels of public and private debt, the authors (both of the Peterson Institute for International Economics) argue that the "financial repression" mechanism of debt restructuring that characterized the tightly regulated Bretton Woods system is making a comeback among governments seeking to reduce debt rollover risks and curb rising interest expenditures while avoiding explicit debt restructuring. This financial repression is being carried out through more directed lending to governments by captive domestic audiences (such as pension funds), caps on interest rates, and tighter regulation on cross-border capital movements. Annotation ©2011 Book News, Inc., Portland, OR (booknews.com)
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