The article looks at how countries have managed their debts over time. They studied 13 advanced economies from 1900 to 2011. During times of high debt, countries tended to borrow in foreign currencies and short-term loans. But in recent decades, they shifted towards borrowing in their own currency for longer periods. After World War II, countries reduced debt through financial repression and inflation. However, this strategy may not work well today due to global financial changes.