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Working paper
Fiscal Sustainability in Japan
In: AJRC Working Paper No. 2, May 2016. Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University
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Working paper
An Empirical Retrospect of the Impacts of Government Expenditures on Economic Growth: New Evidence from the Nigerian Economy
In: Forthcoming, Journal of Economic Structures
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Working paper
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Working paper
An empirical retrospect of the impacts of government expenditures on economic growth: new evidence from the Nigerian economy
The impacts of public expenditures on economic growth have been revisited in this paper with respect to capital expenditure, recurrent expenditure and the government fiscal expansion in line with support for the budgetary allocations to various sectors in the context of the Nigerian economy. Pesaran's ARDL approach has been applied to carry out the impact analysis using annual time-series data from 1981 to 2017. Empirical findings support the existence of a level relationship between public spending indicators and economic growth in Nigeria. Incisively, recurrent expenditures of government were found to be significantly impacting on economic growth in a negative way while the positive impacts of public capital expenditures were not significant to economic growth over the period of the study. Further results from the Granger Causality Test reveal that fiscal expansion of the government that is hinged on debt financing is strongly granger causing public expenditures and domestic investment with the latter also Granger causing real growth in the economy. We, therefore, provide some important policy recommendations following the results of the empirical analysis. © 2020, The Author(s).
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Year-on-Year Change in Federal Debt to GDP or Potential GDP
Blog: Econbrowser
Reader Bruce Hall notes the extreme jump in debt-to-GDP in 2020 was attributable in part to the public health economic lockdowns, to wit: But the economic shutdowns certainly affected the equation's denominator in 2020. I note that using the counterfactual potential GDP as estimated by CBO does not change the picture substantively – I add […]
Effects of Fiscal Consolidation in 18 OECD Countries
In: Seoul Journal of Economics 30 (No. 1 2017): 51-91
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Where is U.S. Sovereign Debt Heading? A Forecasting Model
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Working paper
The Convenience Yield, Inflation Expectations, and Public Debt Growth
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How Might the UK's Debt-GDP Ratio Be Reduced? Evidence from the Last 120 Years
In: CEPR Discussion Paper No. DP17172
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External Debt in Macroeconomics: A Review
In: Lee Kuan Yew School of Public Policy Research Paper No. 16-05
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Working paper
A New Method of Estimating Potential Real GDP Growth: Implications for the Labor Market and the Debt/Gdp Ratio
In: NBER Working Paper No. w20423
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Interest rate risk and other determinants of post-WWII US government debt/GDP dynamics
In: NBER working paper series 15702
"This paper uses the sequence of government budget constraints to motivate estimates of interest payments on the U.S. Federal government debt. We explain why our estimates differ conceptually and quantitatively from those reported by the U.S. government. We use our estimates to account for contributions to the evolution of the debt to GDP ratio made by inflation, growth, and nominal returns paid on debts of different maturities"--National Bureau of Economic Research web site
Sovereign Debt: Implications for Growth Case Study for Armenia
Reviewing the existing literature and the recent changes in public debt economics,this research aimed to answer two important questions for the Armenian economy.The first challenge was to find the level of external debt to GDP ratio after whichborrowing has negative effect on the GDP per capita growth and according tothe estimations the debt overhang level appears at the debt to GDP ratio level of34.5%. At second, this work reveals the efficient ways of using the governmentborrowings. Succeeding in the second task as well the estimations suggest that themost effective investments are in the reforms in educational and health systems.Relying on the findings, corresponding suggestions are made for managing the public debt.
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Debt Forgiveness and Debt Relief for Covid-19 Economic Recovery Financed through GDP-Linked Sukuk
This paper proposes alternatives for governments to deal with the current pandemic crisis today. It suggests ways to deal with the increasing debt levels as a result of the fiscal stimulus issued to cushion the effects of a tremendous shock to the economy.Firstly, the paper proposes to protect the vulnerable group (based on debt-to-income ratio or its debt-servicing ability) through debt forgiveness and help SMEs through debt relief via debt restructuring for their outstanding loans. To finance this, we propose to convert the increased public debt from these initiatives into equity through a GDP-linked sukuk to stabilise a sovereign's debt to GDP ratio. The repayment on these sukuk will be in proportion to the country's GDP whereby the repayment automatically declines when growth is weak and increases when GDP is strong. In doing so, an anticipated deep recession caused by the global pandemic slowdown will makes it less likely to trigger a sovereign debt crisis. Secondly, such a strategy would provide the issuing government with economic reprieve when growth weakens and tax receipts decline. At the same time, investors can view these sukuk as an alternative asset class through exposure to the real economy, given the low interest rate environment. Both sides are incentivized by the debt-stabilising effects of issuance that would make sovereign defaults less likely and balance risk-taking.
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