In 2024, the national debt of India amounted to around 3.16 trillion U.S. dollars. Projections show an upward trend, with a significant increase each year. Honor thy national debtNational debt, also called government debt or public debt, is money owed by the federal government. It can be divided into internal debt, (which is owed to lenders in the country) and external debt (which is owed to foreign lenders). National debt is created and increased by using government bonds, for example, or by borrowing money from other nations due to financial struggles (well-known case in point: Greece). A quite complex issue, national debt is expected to be paid back in accordance with certain regulations overseen by the Bank for International Settlements (BIS), a financial organization owned by central banks. India’s debt is rising, but so is its economic growthIndia’s liabilities have increased significantly, and forecasts show no end in sight. While India is a fast-growing economy and considered one of the main emerging economies, the so-called BRIC countries, India has been investing and borrowing money from commercial banks as well as several non-banking finance companies, and its national debt today makes up almost 70 percent of its GDP. Luckily, even though the national debt is forecast to increase, this share of GDP is predicted to decrease, as is the trade deficit in the long run, despite a significant jump back into the red in 2017.

Car loan interest rates in the United States decreased since mid-2024. Thus, the period of rapidly rising interest rates, when they increased from 3.85 percent in December 2021 to 7.92 percent in June 2024, has come to an end. The Federal Reserve interest rate is one of the main causes of the interest rates of loans rising or falling. If inflation stays under control, the Federal Reserve will start cutting the interest rates, which would have the effect of the cost of car loans falling too. How many cars have financing in the United States? Car financing exists because not everyone who wants or needs a car can purchase it outright. A financial institution will then lend the money to the customer for purchasing the car, which must then be repaid with interest. Most new vehicles in the United States in 2024 were purchased using car loans. It is not as common to use car loans for purchasing used vehicles as for new ones, although over a third of used vehicles were purchased using loans. The car industry in the United States The car financing business is huge in the United States, due to the high sales of both new and used vehicles in the country. A lot of the United States is very car-centric, which means that, outside large cities, it can often be difficult to do their daily commutes through other transportation methods. In fact, only a small percentage of U.S. workers used public transport to go to work. That is one of the factors that has helped establish the importance of the automotive sector in North America. Nevertheless, there are still countries in Asia-Pacific, Africa, the Middle East, and Europe with higher car-ownership rates than the United States.

This table contains 38 series, with data starting from 1957 (not all combinations necessarily have data for all years). This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: Canada), Rates (38 items: Bank rate; Chartered bank administered interest rates - prime business; Chartered bank - consumer loan rate; Forward premium or discount (-), United States dollars in Canada: 1 month; ...).

Data may not add to the total due to rounding. End of fiscal year closest to December 31st. For 2007 only stocks for balance sheet statement are available, they represent the opening stocks for 2008, the start of the observed period. On April 14th, 2016, data for consumption of fixed capital (CGFS 23) have been corrected for the reference period from 2008 to 2014. Balance sheet data can be displayed as flows or stocks. Flows are monetary expressions of economic actions that occur within the accounting period. Stocks refer to holdings of assets and liabilities at a specific time - the end of the accounting period. Memorandum items provide supplemental information or alternative presentation of related items, but the memorandum items amounts are not included in Canadian Government Finance Statistics (CGFS) structure and totals. The gross operating balance equals revenue minus expense other than consumption of fixed capital. The net operating balance is a summary measure of the ongoing sustainability of the government operations. Net operating balance equals total revenues less total expenses. The net operating balance will become available with the release of consumption of fixed capital, an expense component. Includes the part of the profits of fiscal monopolies transferred to the government. Fiscal monopolies are government business enterprises that exercise the taxing power of government by the use of monopoly powers over the production or distribution of a particular kind of good or service. Typical commodities subject to fiscal monopolies are alcoholic beverages, lotteries and games of chance. Includes racetrack betting taxes, other amusement taxes, taxes on meals and hotels, taxes on insurance premiums, and taxes on specific services not elsewhere classified. Rent should not be confused with the rental of produced assets, which is treated as sales of goods and services. The difference in treatment arises because lessors of produced assets are engaged in a production process whereby they provide services (maintaining inventories, repairing and maintaining the leased assets). In the case of rent, general government units that own land or subsoil assets merely place these assets at the disposal of other units and are not considered to be engaged in productive activity. Includes other natural resource royalties, natural resource exploration fees and licenses, leases of land, rent and property income not elsewhere classified. Miscellaneous revenue includes auto insurance premiums, drug plan premiums and revenue not elsewhere classified. It may also include the consolidation statistical discrepancy. This discrepancy reflects differences between paired transactions (e.g. grant revenue and grant expense) and must be recorded in the statement of operation in order to preserve the operating balances (gross or net). While in theory, the paired transactions to be consolidated should be of the same value, in practice, they are not always aligned as a result of multiple cause (availability of economic and counterparty classification details, time of recording, different fiscal year end, deferrals, etc.). When paired transactions are eliminated, there must be no impact on the operating balance, therefore a consolidation statistical discrepancy is recorded in revenue or expense, depending on the situation. Improving the pairing of transactions to be consolidated is part of the integration work for the next year and will reduce the recorded consolidation statistical discrepancy. Canadian Government Finance Statistics (CGFS) estimates for compensation of employees and use of goods and services are adjusted to account for the capitalisation of research and development expenses using data from the Canadian System of Macroeconomic Accounts (CSMA). This memorandum item provides the amounts capitalised for research and development to facilitate comparison with the Public Accounts. Within the Canadian Government Finance Statistics system (CGFS), the value of nonfinancial assets and related consumption of fixed capital is estimated using the Canadian System of Macroeconomic Accounts (CSMA) perpetual inventory method (PIM). The results of the PIM model can differ substantially from the values found in the public accounting sources of a specific level of government. In order to better understand these differences, the value of nonfinancial assets and related consumption of fixed capital found in the public accounting sources are presented in the memorandum items consumption of fixed capital according to public sector accounts" and "Nonfinancial assets according to public sector accounts". For more information on the PIM model please consult additional information on the survey or statistical program in the CANSIM related information tab." Other miscellaneous current expenses include expenses of insurers and miscellaneous other current expenses not elsewhere classified. They may also include the consolidation statistical discrepancy. This discrepancy reflects differences between paired transactions (e.g. grant revenue and grant expense) and must be recorded in the statement of operation in order to preserve the operating balances (gross or net). While in theory, the paired transactions to be consolidated should be of the same value, in practice, they are not always aligned as a result of multiple cause (availability of economic and counterparty classification details, time of recording, different fiscal year end, deferrals, etc.). When paired transactions are eliminated, there must be no impact on the operating balance, therefore a consolidation statistical discrepancy is recorded in revenue or expense, depending on the situation. Includes taxes on immovable property, net wealth, estate, inheritance, gift and, financial and capital transactions. Total expenditures equals expense plus the net acquisition of nonfinancial assets less consumption of fixed capital. The current CANSIM table does not include total expenditures as integration work is underway. The balance sheet records the stocks of assets, liabilities, and the net worth for each accounting period. Net worth is defined as the total assets less total liabilities and is an important measure for assessing the sustainability of fiscal activities. The balance sheet components include domestic and foreign counterparts. The net financial worth position equals total stock of financial assets minus liabilities. Includes the following assets: securities repurchase agreement (repo), financial derivatives, taxes receivable, interest receivable, other accounts receivable, deposits, prepaid expenses, other financial assets not elsewhere classified and related allowances. Includes the following liabilities: securities repurchase agreement (repo), financial derivatives, taxes payable, interest payable, other payable, deposits due, deferred revenue and contributions, discounts and premiums on outstanding debt, other liabilities not elsewhere classified and related allowances. In the Canadian Government Finance Statistics system (CGFS), liabilities are valued at current market prices, but this memorandum item provides the alternate nominal value. The nominal valuation only differs from the current market prices in the case of debt securities. The nominal value is the amount that the debtor owes to the creditor at any moment. It reflects the value of the instrument at creation and subsequent economic flows, such as transactions, valuation changes (excluding market price changes), and other changes, such as debt forgiveness. Conceptually, the nominal value is equal to the required future payments of principal and interest discounted at the existing contractual interest rate. Nominal value is not necessarily face value, which is the undiscounted amount of principal to be repaid.

The Volcker Shock was a period of historically high interest rates precipitated by Federal Reserve Chairperson Paul Volcker's decision to raise the central bank's key interest rate, the Fed funds effective rate, during the first three years of his term. Volcker was appointed chairperson of the Fed in August 1979 by President Jimmy Carter, as replacement for William Miller, who Carter had made his treasury secretary. Volcker was one of the most hawkish (supportive of tighter monetary policy to stem inflation) members of the Federal Reserve's committee, and quickly set about changing the course of monetary policy in the U.S. in order to quell inflation. The Volcker Shock is remembered for bringing an end to over a decade of high inflation in the United States, prompting a deep recession and high unemployment, and for spurring on debt defaults among developing countries in Latin America who had borrowed in U.S. dollars.

Monetary tightening and the recessions of the early '80s

Beginning in October 1979, Volcker's Fed tightened monetary policy by raising interest rates. This decision had the effect of depressing demand and slowing down the U.S. economy, as credit became more expensive for households and businesses. The Fed funds rate, the key overnight rate at which banks lend their excess reserves to each other, rose as high as 17.6 percent in early 1980. The rate was allowed to fall back below 10 percent following this first peak, however, due to worries that inflation was not falling fast enough, a second cycle of monetary tightening was embarked upon starting in August of 1980. The rate would reach its all-time peak in June of 1981, at 19.1 percent. The second recession sparked by these hikes was far deeper than the 1980 recession, with unemployment peaking at 10.8 percent in December 1980, the highest level since The Great Depression. This recession would drive inflation to a low point during Volcker's terms of 2.5 percent in August 1983.

The legacy of the Volcker Shock

By the end of Volcker's terms as Fed Chair, inflation was at a manageable rate of around four percent, while unemployment had fallen under six percent, as the economy grew and business confidence returned. While supporters of Volcker's actions point to these numbers as proof of the efficacy of his actions, critics have claimed that there were less harmful ways that inflation could have been brought under control. The recessions of the early 1980s are cited as accelerating deindustrialization in the U.S., as manufacturing jobs lost in 'rust belt' states such as Michigan, Ohio, and Pennsylvania never returned during the years of recovery. The Volcker Shock was also a driving factor behind the Latin American debt crises of the 1980s, as governments in the region defaulted on debts which they had incurred in U.S. dollars. Debates about the validity of using interest rate hikes to get inflation under control have recently re-emerged due to the inflationary pressures facing the U.S. following the Coronavirus pandemic and the Federal Reserve's subsequent decision to embark on a course of monetary tightening.

Data may not add to the total due to rounding. End of fiscal year closest to December 31st. For 2007 only stocks for balance sheet statement are available, they represent the opening stocks for 2008, the start of the observed period. Consolidation is a method of presenting statistics for a set of units as if they constituted a single unit. In this table, the data is presented for consolidated governments. Consolidation involves the elimination of all transactions and debtor-creditor relationships that occur among the units being consolidated. In other words, a transaction of one unit is paired with the same transaction as recorded for the second unit and both transactions are eliminated. For example, if one provincial and territorial government unit owns a bond issued by a second provincial and territorial government unit located in a different province and data for the two units are being consolidated, then the stocks of bonds held as assets and liabilities are reported as if the bond did not exist. Includes federal government, provincial and territorial governments, health and social service institutions, universities and colleges, municipalities and other local public administrations and, school boards. Does not include the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP). Only the Canada geography dimension is available. Includes provincial and territorial governments, health and social service institutions, universities and colleges, municipalities and other local public administrations and, school boards. The Canada and provincial geography dimension are available. Balance sheet data can be displayed as flows or stocks. Flows are monetary expressions of economic actions that occur within the accounting period. Stocks refer to holdings of assets and liabilities at a specific time - the end of the accounting period. Gross operating balance equals total revenues less expense other than consumption of fixed capital. The net operating balance is a summary measure of the ongoing sustainability of the government operations. Net operating balance equals total revenues less total expenses. Includes the part of the profits of fiscal monopolies transferred to the government. Fiscal monopolies are government business enterprises that exercise the taxing power of government by the use of monopoly powers over the production or distribution of a particular kind of good or service. Typical commodities subject to fiscal monopolies are alcoholic beverages, lotteries and games of chance. Includes racetrack betting taxes, other amusement taxes, taxes on meals and hotels, taxes on insurance premiums, and taxes on specific services not elsewhere classified. Rent should not be confused with the rental of produced assets, which is treated as sales of goods and services. The difference in treatment arises because lessors of produced assets are engaged in a production process whereby they provide services (maintaining inventories, repairing and maintaining the leased assets). In the case of rent, general government units that own land or subsoil assets merely place these assets at the disposal of other units and are not considered to be engaged in productive activity. Mineral royalties for Newfoundland and Labrador include both mining taxes and mineral royalties. Includes other natural resource royalties, natural resource exploration fees and licences, leases of land, rent and property income not elsewhere classified. Miscellaneous revenue includes auto insurance premiums, drug plan premiums and revenue not elsewhere classified. It may also include the consolidation statistical discrepancy. This discrepancy reflects differences between paired transactions (e.g. grant revenue and grant expense) and must be recorded in the statement of operation in order to preserve the operating balances (gross or net). While in theory, the paired transactions to be consolidated should be of the same value, in practice, they are not always aligned as a result of multiple cause (availability of economic and counterparty classification details, time of recording, different fiscal year end, deferrals, etc.). When paired transactions are eliminated, there must be no impact on the operating balance, therefore a consolidation statistical discrepancy is recorded in revenue or expense, depending on the situation. Canadian Government Finance Statistics (CGFS) estimates for compensation of employees and use of goods and services are adjusted to account for the capitalisation of research and development expenses using data from the Canadian System of Macroeconomic Accounts (CSMA). This memorandum item provides the amounts capitalised for research and development to facilitate comparison with the Public Accounts. Within the Canadian Government Finance Statistics system (CGFS), the value of nonfinancial assets and related consumption of fixed capital is estimated using the Canadian System of Macroeconomic Accounts (CSMA) perpetual inventory method (PIM). The results of the PIM model can differ substantially from the values found in the public accounting sources of a specific level of government. In order to better understand these differences, the value of nonfinancial assets and related consumption of fixed capital found in the Public Accounts are presented in the memorandum items consumption of fixed capital according to public sector accounts" and "Nonfinancial assets according to public sector accounts". For more information on the PIM model please consult additional information on the survey or statistical program in the CANSIM related information tab." Other miscellaneous current expenses include expenses of insurers and miscellaneous other current expenses not elsewhere classified. They may also include the consolidation statistical discrepancy. This discrepancy reflects differences between paired transactions (e.g. grant revenue and grant expense) and must be recorded in the statement of operation in order to preserve the operating balances (gross or net). While in theory, the paired transactions to be consolidated should be of the same value, in practice, they are not always aligned as a result of multiple cause (availability of economic and counterparty classification details, time of recording, different fiscal year end, deferrals, etc.). When paired transactions are eliminated, there must be no impact on the operating balance, therefore a consolidation statistical discrepancy is recorded in revenue or expense, depending on the situation. Memorandum items provide supplemental information or alternative presentation of related items, but the memorandum items amounts are not included in Canadian Government Finance Statistics (CGFS) structure and totals. Total expenditures equals expense plus the net acquisition of nonfinancial assets less consumption of fixed capital. The current CANSIM table does not include total expenditures as integration work is underway. The balance sheet records the stocks of assets, liabilities, and the net worth for each accounting period. Net worth is defined as the total assets less total liabilities and is an important measure for assessing the sustainability of fiscal activities. The balance sheet components include domestic and foreign counterparts. The net financial worth position equals total stock of financial assets minus liabilities. Includes the following assets: securities repurchase agreement (repo), financial derivatives, taxes receivable, interest receivable, other accounts receivable, deposits, prepaid expenses, other financial assets not elsewhere classified and related allowances. Includes the following liabilities: securities repurchase agreement (repo), financial derivatives, taxes payable, interest payable, other payable, deposits due, deferred revenue and contributions, discounts and premiums on outstanding debt, other liabilities not elsewhere classified and related allowances. In the Canadian Government Finance Statistics system (CGFS), liabilities are valued at current market prices, but this memorandum item provides the alternate nominal value. The nominal valuation only differs from the current market prices in the case of debt securities. The nominal value is the amount that the debtor owes to the creditor at any moment. It reflects the value of the instrument at creation and subsequent economic flows, such as transactions, valuation changes (excluding market price changes), and other changes, such as debt forgiveness. Conceptually, the nominal value is equal to the required future payments of principal and interest discounted at the existing contractual interest rate. Nominal value is not necessarily face value, which is the undiscounted amount of principal to be repaid. The Quebec Abatement consists of a reduction of 16.5 percentage points of federal personal income tax for all tax filers in Quebec. This Abatement is the sum of the Alternative Payments for Standing Programs and the Youth Allowances Recovery. The Government of Canada reduced, or “abated”, personal income tax while Quebec increased its personal income taxes by an equivalent amount. In the Canadian government finance statistics framework, Quebec receive the value of these extra tax points through its own income tax system under the “Taxes on income, profits and capital gains payable by individuals” category, while other provinces receive the corresponding amounts in cash under the “Grants from general government units” category. This memorandum item presents the Abatement as calculated by the Ministère des finances du Québec and facilitate comparisons, between provinces, of tax revenue and Grants. An extensive review of subsidies classification in the Canadian System of Macroeconomic Accounts has determined that several entries in source data should be reclassified as subsidies on production, from subsidies on products. The reclassification is based on the interpretation of subsidies as per the 2008 System of

The benchmark interest rate in Germany was last recorded at 4.50 percent. This dataset provides - Germany Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The benchmark interest rate in India was last recorded at 5.50 percent. This dataset provides - India Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The Global Financial Crisis of 2008-09 was a period of severe macroeconomic instability for the United States and the global economy more generally. The crisis was precipitated by the collapse of a number of financial institutions who were deeply involved in the U.S. mortgage market and associated credit markets. Beginning in the Summer of 2007, a number of banks began to report issues with increasing mortgage delinquencies and the problem of not being able to accurately price derivatives contracts which were based on bundles of these U.S. residential mortgages. By the end of 2008, U.S. financial institutions had begun to fail due to their exposure to the housing market, leading to one of the deepest recessions in the history of the United States and to extensive government bailouts of the financial sector.

Subprime and the collapse of the U.S. mortgage market

The early 2000s had seen explosive growth in the U.S. mortgage market, as credit became cheaper due to the Federal Reserve's decision to lower interest rates in the aftermath of the 2001 'Dot Com' Crash, as well as because of the increasing globalization of financial flows which directed funds into U.S. financial markets. Lower mortgage rates gave incentive to financial institutions to begin lending to riskier borrowers, using so-called 'subprime' loans. These were loans to borrowers with poor credit scores, who would not have met the requirements for a conventional mortgage loan. In order to hedge against the risk of these riskier loans, financial institutions began to use complex financial instruments known as derivatives, which bundled mortgage loans together and allowed the risk of default to be sold on to willing investors. This practice was supposed to remove the risk from these loans, by effectively allowing credit institutions to buy insurance against delinquencies. Due to the fraudulent practices of credit ratings agencies, however, the price of these contacts did not reflect the real risk of the loans involved. As the reality of the inability of the borrowers to repay began to kick in during 2007, the financial markets which traded these derivatives came under increasing stress and eventually led to a 'sudden stop' in trading and credit intermediation during 2008.

Market Panic and The Great Recession

As borrowers failed to make repayments, this had a knock-on effect among financial institutions who were highly leveraged with financial instruments based on the mortgage market. Lehman Brothers, one of the world's largest investment banks, failed on September 15th 2008, causing widespread panic in financial markets. Due to the fear of an unprecedented collapse in the financial sector which would have untold consequences for the wider economy, the U.S. government and central bank, The Fed, intervened the following day to bailout the United States' largest insurance company, AIG, and to backstop financial markets. The crisis prompted a deep recession, known colloquially as The Great Recession, drawing parallels between this period and The Great Depression. The collapse of credit intermediation in the economy lead to further issues in the real economy, as business were increasingly unable to pay back loans and were forced to lay off staff, driving unemployment to a high of almost 10 percent in 2010. While there has been criticism of the U.S. government's actions to bailout the financial institutions involved, the actions of the government and the Fed are seen by many as having prevented the crisis from spiraling into a depression of the magnitude of The Great Depression.