growth of the budget deficit, and as a result of this, the government's debt increased. What is characteristic about North … the dependent variable, and the annual economic growth, the average annual inflation rate, the budget deficit and the … crisis has a strong impact on the public finances of North Macedonia, and the growth of the budget deficit largely causes the …

examine the existence of budget deficit in an economy which endogenously grows by investments of firms. The main results are … as follows. (1) Budget deficit is necessary for full employment under constant prices. (2) Inflation is induced if the … actual budget deficit is greater than the value at which full employment is achieved under constant prices. (3) If the actual …