This chapter critically reviews the literature which explains why and under which
circumstances governments accumulate more debt than it would be consistent with optimal …

Over the past four decades, government debt as a fraction of GDP has been on an upward
trajectory in advanced economies, approaching levels not reached since World War II. While …

Fiscal rules are laws aimed at reducing the incentive to accumulate debt, and many
countries adopt them to discipline local governments. Yet, their effectiveness is disputed …

Local government debt plays a vital role in achieving financial financialization and regional
economic growth. However, the environmental side effects of the debt-financed …

During the last three decades government debt has increased in most developed countries.
During the same period we have also observed a significant liberalization of international …

Agricultural public investments in developing countries can have substantial effects on
performance in the sector and beyond. In the examination of actual resource allocation …

This paper studies the optimal level of discretion in policymaking. We consider a fiscal policy
model where the government has time‐inconsistent preferences with a present bias toward …

We consider the role of a politician's age in Italian municipal governments. When the term
limit is not binding, younger mayors engage in political budget cycles more often than older …

This article has analyzed the role of financial globalization and corruption in determining
financial dependency in Pakistan from 1980 to 2020. For checking the stationary of the data …

We discuss the two-way link between culture and economic growth. We present a model of
endogenous technical change where growth is driven by the innovative activity of …