According to Standard & Poor’s, one of the three most influential rating agencies, 40% of the world's sovereign debt belongs to monarchies. At the same time, the agency focuses on the difference between absolute monarchs, who have a significant impact on politics in their countries, and constitutional monarchs, who play the symbolic role of the head of state.
All absolute monarchies are concentrated in the Arab world, and their national debt is less than 1% of the total. However, constitutional monarchies tend to have higher credit ratings based on increased stability and predictability in their policies.
Public debt consists of debt held by the central government, regional and local authorities, state enterprises and organizations.
This is how it looks rating of states with the largest public debt.
5. Absolute monarchies
They account for 0.4% of the global public debt. This reflects the strong fiscal performance of the countries. They do not need to make large borrowings from outside. Of the absolute monarchies, the best rating ("AA") have Qatar and the emirate Abu Dhabi.
4. Constitutional monarchies
Norway, Spain, Sweden, Luxembourg, Liechtenstein and Denmark make up most of the debtor kingdoms (5.9% of the public debt). Spain has a satisfactory credit rating ('BBB'), all other countries - the highest ('AAA').
3. States of the British Commonwealth of Nations
The top three in terms of global public debt in 2015 include countries under the protectorate of Queen Elizabeth II. She is the head of more than a dozen countries within the Commonwealth - including Great Britain, Of Canada, Bahamas and Papua New Guinea... The total public debt of these states was 8.2%. Wherein United Kingdom, Canada and Australia have a long-term credit rating of 'AAA', in accordance with Standard & Poor's.
2. Japan
Tokyo's national debt is $ 11 trillion, which is 25.4% of total debt or 246.14% of GDP. Since the early 1990s Japan going through continuous stagnation. The policy pursued by the Japanese government to overcome the crisis only increases the level of debt. The current government Japan spends almost half of its total tax revenue on paying off a huge debt. Despite this, the yield on 10-year Japanese bonds remains surprisingly low, at 1%.
1. Non-monarchical states
These countries account for 60.2% of the world's public debt. The largest debtor is Greece... Its debt as a percentage of GDP is 172.73%. In July 2015, the IMF released a report on Greece's debt sustainability. It says that due to the easing of policies over the past year and the recent deterioration of the domestic macroeconomic and financial environment, Greece's public debt has become highly volatile. Slightly less public debt Italy - 133.7% of GDP. Russia It is not included in the top 20 countries with the largest public debt; at the beginning of 2015, the external debt of the state amounted to $ 41 billion, excluding debts of state companies, the Central Bank of the Russian Federation and banks.