Abstract
Estimates of the market values of credit market liabilities are developed for the nonfinancial sectors of the economy for the period 1945-85. The methodology incorporates both the different types of debt and their sectoral distribution. Estimates of cumulative and annual holding gains are presented, and the relation between market and par value series are analyzed. The resulting market-valued debt aggregate is used to evaluate the stability of the debt-to-GNP ratio. The stability of the ratio is reduced dramatically when debt is measured at market value. Copyright 1989 by Ohio State University Press.
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