The article examines how public debt in advanced economies has changed over time, focusing on shifts in debt structure during major debt accumulation and consolidation periods from 1900 to 2011. The researchers found that in the past, large debt increases were often in short-term, foreign currency-denominated debt held by the banking system. However, recent debt build-ups have been more focused on long-term, local currency debt due to factors like capital account liberalization and innovative debt products. Post World War II debt reductions were achieved through financial repression and inflation, but repeating this strategy may be challenging in the current global economic environment.