There have been several crises in the world economy since the end of the last century. The developing economies were ones that have suffered the most, considering the level of openness, the weak institutional framework, and the market vulnerability to unpredictable shocks. One of the instruments...

The paper addressed estimating the public debt-to-GDP threshold ratio in the developing economy encountered with an excessive public debt impact on macro-dynamics. The study's active field focused on the internal public debt due to a recent tendency of external share substitution in the...

Financial crises have been a challenge for sustainable growth, given the frequency and intensity of the crisis shocks and their destructive consequences taken place in the last decades. The paper aims to study how the endogenously created excess money supply can contribute to global financial...

The paper aims to verify the introduction of the golden rule of public finance under an active monetary stance for a developing economy using a dynamic stochastic general equilibrium model. Besides the two rigidities, namely the deep habit formation and Calvo-style price stickiness, the model...