A paper published by the International Monetary Fund warns authorities not to be complacent about high debt levels, dispelling the growing view that public debt may have no fiscal cost in today’s low interest rate environment.

Many countries around the world face historically low interest rates, while the global stock of negative-yielding debt hovered around $12 trillion at the end of 2019. Recently, many have propounded the idea that if interest rates are lower than the economic growth rate