With economies around the world facing more dire challenges as an immediate result of the COVID-19 pandemic, the need for national governments to borrow funds has grown. The abrupt increase in debt level highlights the importance of implementing suitable models to project emerging debt scenarios...

This study aims to evaluate the public debt sustainability of Pakistan using the debt sustainability analysis (DSA) framework and fiscal reaction function (FRF). For the empirical analysis, it uses relevant important macroeconomic variables, such as public debt, external debt, primary balance,...

More than at any time in the history, climate change is having an increasingly unprecedented effect on human lives. Economies are affected severely in terms of sovereign risk due to climate change variations influencing the macroeconomy. Asian countries are highly susceptible to economic...

The aftermath of the global financial crisis of 2007-08 underlined the importance of maintaining fiscal space and fiscal sustainability. Even though many Asian economies implemented fiscal stimulus policies during the crisis period, their fiscal conditions generally improved rapidly thereafter,...

The paper gives an assessment of the progress made in developing local debt markets in emerging Asia. Market development has been limited by hurdles confronting borrowers and lenders, current and potential liquidity providers, and insufficient support from government policies and regulations....

Public pension burdens in most emerging Asian economies are still relatively small. However, there are a number of reasons to believe that they will increase markedly in the coming years. First, many Asian economies will face rapidly aging populations, which will raise pension and other...

In this paper, we examine the effects of introducing constraints on government borrowing using a continuous-time overlapping generations model of a small open economy. We consider government placing constraints on the amount of government bonds outstanding by establishing an upper limit, or...

The global economy has been facing a series of adverse shocks in recent years including the COVID-19 pandemic, climate crisis, the Russian invasion of Ukraine, high inflation, and interest rate shocks driven by global monetary policy normalization. The high cost of fossil fuels since 2021,...

The possible crucial role of international bank lending in transmitting adverse economic disturbance from developed economies to emerging economies in the 2008 - 2009 global financial crisis has placed capital flows into sharper scrutiny in academic and policy discussions. The authors construct...