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 …

account for the lion's share of capital markets, regional public debt markets remain underdeveloped for a variety of reasons …

largely due to a sharp increase in expenditures rather than a fall in revenues. With the countries of the region now …