In this paper, I explore how a household budget constraint allows one to construct a simple theory of exploding household debts. The conclusion reached in this paper is that in case the household started off being indebted, maintaining balanced budget all the time is a very dangerous choice. For...

This systematic review examines the association between fiscal policy and monetary policy, focusing on their interactions, channels of influence, policy coordination challenges, and the macroeconomic effects of their interactions. The review highlights the importance of time lags, policy mix,...

In this paper, we have reviewed the Covid induced shock to the debt and deficit profiles of 10 of the largest economies by size of GDP in 2019 referred to in this paper as the Big-10 economies. There is a sharp upsurge in their government debt-GDP ratios because their policy responses to the...

There is a widespread view that reducing national debts and deficits, or “consolidating” them, causes austerity or would hinder the recovery. The reality is that reducing structural debts and deficits and “stimulus debts” is easily done without any significant deflationary effects. In...

Defining the welfare state is not a simpleminded task. Actually, there are numerous definitions which try to reflect at least some of the basic characteristics of the welfare state or its objectives and its functions. For some, there is primarily an institutional parameter, for others there are...

After two consecutive years (2019-20 and 2020-21) of fiscal stress, state finances in India show sign of improvement in 2021-22RE. With rising economic growth, revenue mobilization has improved which helped states to increase expenditures during 2021-22. To cope up with the revenue stress and...

In 2021, the World Bank rated Nigeria fifth on its list of ten nations with the biggest debt exposure. This was coming at a time when Nigeria was using 97% of its revenues to service outstanding debt, a cause for concern for the multilateral organization. Nigeria owes the International...

The convergence criterions nessesary for the entrance of EU-member to European Monetary Union are divided to monetary and fiscal area. To fiscal criterions (after Pact of Stability and Growth) belong the low long-run deficit of public budget in the maximum 3 % of GDP and maximal public debt 60 %...

The debt and economic growth debate remain topical in Nigeria given the controversies that often trail the government’s plan to always borrow to fund the annual budget deficits. This study provides an empirical contribution to the national discourse by assessing the impact of foreign debt on...

In this article author analyses dynamics of revenues and expenditures of Russian budgetary system, rate of the external and internal public debt of the Russian Federation and gives main reasons of changes in these elements of centralized finances during the period of 2005-2014.