Playing with Fire: Internal Devaluation for the GIPSI Countries

Table 1

Public debt barometer for several countries in 2012.

	PSR 2011	(1) PSR 2012(f)	(2) (Debt/GDP)×(𝑖−𝑔)	(1) − (2)
Germany	1.6	1.0	−0.2	1.2
Italy	1.0	3.0	4.5	−1.5
France	−2.6	−2.2	0.5	−2.7
U.S.A.	−7.3	−6.1	−1.9	−4.2
United Kingdom	−5.0	−5.3	−1.0	−4.3
Spain	−6.1	−3.6	3.9	−7.5
Japan	−9.1	−8.9	−1.3	−7.6
Ireland	−6.7	−4.4	5.1	−9.5
Portugal	−0.4	0.1	9.9	−9.8
Greece	−2.2	−1.0	41.4	−42.4

Source: Antelo and Peón [8].