The study examines the theoretical considerations and empirical results of the switch to market borrowing, i.e. bond financing of the fiscal deficit, with correspondingly low monetisation, as part of India’s structural reforms initiated in 1991. It basically concludes that despite the sharp...

Pakistan has been pursuing an active albeit expansionary fiscal policy since 1970s. In the mid-1970s to early-1980s, such policy choice was manifested in externally financed development spending, primarily in the form of investment in public enterprises. Despite excessive deficit financing,...

Heavy indebtedness and debt service payments, indicated by debt magnitudes and shares to national budgets, revenues, or outputs, mean that spending for public infrastructure and basic services is crowded out, even as they entail more borrowings in order to timely meet debt obligations. The...

This paper, which draws on the author's book "The Economic Consequences of Quebec Sovereignty," examines the thorny issue of how the existing Canadian federal debt might be redistributed in the event that Quebec were to become a sovereign nation. Debt division would be at best a "zero sum" game...

CEMAC countries, with an aim of coordinating their budget policies, established within their union some rules of economic policy which seem to be restrictive for an effective budget policy and thus sustainable in the long run. Indeed, in the economic theory, several arguments were advanced to...

I am suggesting new methods, and innovative and alternative policies in the areas of optimal taxation, tax collection, money supply and banking financial system to help remove corruption, tax evasion, economic recession, black money, fake currency and societal inequalities. In my opinion, the...

We assess the issue of fiscal sustainability in the selected EU countries. Our sample includes those showing the highest government debts, which are nowadays known under the somewhat degrading acronym – PIIGGS (Portugal, Ireland, Italy, Greece, Great Britain and Spain). Assuming the so-called...

This paper analyses possible targets for the Italian debt-to-GDP ratio with a small macroeconomic model. The role of international macroeconomic variables such as the US GDP growth, prices of raw materials, EUR/USD exchange rate, and ECB monetary policy stance and domestic policy instruments is...

This paper analyses possible patterns for the Spain debt-to-GDP ratio with a small macroeconomic model. The role of international macroeconomic variables (such as the US and French GDP growth rates, prices of raw materials, ECB monetary policy stance) and domestic policy instruments is analyzed...

We analyze possible targets for the French debt-to-GDP ratio with a small model. The role of the US and German GDP growth, prices of raw materials, ECB monetary policy, and domestic policy is analyzed in the debt dynamics. We find that external conditions, together with policies to stimulate...