Harvard University economists Carmen Reinhart and Kenneth Rogoff warned about the dramatic risks entailed when public debt-to-GDP ratio exceeds 90 percent in their book entitled This Time is Different: Eight Centuries of Financial Folly (2009).
The first condition, which was suggested by an influential paper written by Kenneth Rogoff & Carmen Reinhart has been disputed due to major calculation errors.
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In 2010, economists Kenneth Rogoff and Carmen Reinhart reported that among the 20 developed countries studied, average annual GDP growth was 3–4% when debt was relatively moderate or low (i.e. under 60% of GDP), but it dips to just 1.6% when debt was high (i.e., above 90% of GDP).