the international monetary fund’s (imf’s) on monday released its latest working paper on global debt. this year’s working report has been prepared by three imf economists samba mbaye, mariaaluz badia and kyngla chae. the report has some startling observations to make about a world drowning in debt and the changing geographical distribution of indebtedness. firstly, global debt is at a record high of $164 trillion which is more than twice the global gross domestic product (gdp). the report notes, “it is striking that the top three borrowers in the world (united states, china, and japan) account for more than half of the global debt, significantly greater than their share of global output. the emergence of china among the top ranking is, however, a relatively new development. since the beginning of the millennium, china’s share in global debt has gone up from less than 3 per cent to over 15 per cent.” secondly, the report notes that no significant deleveraging has taken place since the 2009 global financial crisis. the report explains, “this reflects an increase in both public and private nonfinancial debt. public debt increases have been mainly driven by advanced economies while the private debt surge is mainly explained by emerging market economies.” thirdly, the rise in global indebtedness has been largely driven by the private sector with the sector tripling its debt since 1950. the report comparing this to public debt states, “although the g...