affects human capital, and infrastructure expenditures that affect productivity. The paper finds that social expenditures lead … alternative scenarios of government expenditure and tax financing. Two expenditure types are considered: social spending that … to higher economic growth depending on the form of financing; young generations benefit most from social spending …

institution’s credit worthiness and the return on its market value, and importantly, on the level and quality of capital … steps taken to increase resilience, notably higher capitalization. Our results suggest increased capital buffers may …