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Introduction to Deficit Financing Theory
In: Zahariev, A. (2012). Debt Management, Veliko Tarnovo: ABAGAR Publishing House. ISBN: ISBN 978-954-427-981-3. DOI: 10.13140/RG.2.1.4872.3607
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DEFICIT FINANCING AND ECONOMIC RECOVERY
Regardless of the vast amount of debt Nigerian government accommodate annually, the projected level of development is not realized as sizeable percentage of her citizens still lives in miserable poverty, low standard of living and soaring level of unemployment and so on. Consequently, one starts to question why the theoretical proposition seems not to be working in the Nigerian perspective. It is based on these commotions that this research work seeks to scrutinize the effect of deficit financing on recovery and development of the Nigerian economy between the periods 1981 to 2015 employing error correction model and granger causality test. Study exposes that Federal Government external debt displays a significant P-value of 0.0173 with a positive coefficient of 0.000031 signifying that 1% increase in government external debt is capable of intensifying economic recovery and development in Nigeria to the tune of 0.00003. The details of the causality test also corroborate the report in the error correction model and thus advocate that external debt extensively adds to the development of the Nigeria economy while domestic debt and deficit budget does not give the impression to granger cause economic development in Nigeria. On this basis, study affirms that deficit financing is a crucial incentive in advancing economic development in Nigeria if effectively disbursed for the primary rationale for which it was meant for. Additionally, study thus authenticates the Keynesian theory of the existence of positive relationship between deficit financing and economic recovery. On this note, study recommends that executives of the Nigerian economy should harmonize the appropriation of borrowed fund and make certain that it is well utilized towards improving the capital and production dominance of the nation as this will further boost the realization of accomplishing a sustainable level of economic development in Nigeria. Article visualizations:
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Government Deficit Financing and Stabilisation
In: Journal of economic studies, Volume 15, Issue 5, p. 34-44
ISSN: 1758-7387
The US federal deficit has, over the years, remained a subject of widespread concern and controversy. Diverse views continue to be expressed on such questions as whether the deficit matters, whether it is the inflation‐adjusted deficit that matters, whether bond‐financed deficits are inflationary, and whether it is only deficits that are financed by money creation which are inflationary. Against this background, few would disagree with Boskin (1982) that "progress in improving our understanding of the role of the budget deficit in economic behavior and performance… is an urgent research priority".
Deficit Financing in Nigeria, 1965–70
In: The journal of modern African studies: a quarterly survey of politics, economics & related topics in contemporary Africa, Volume 13, Issue 1, p. 140-147
ISSN: 1469-7777
The ever-increasing African aspirations for development have been reflected in the many plan documents produced during the last decade. But the growth of government resources – or public savings, defined as the excess of current revenue over current expenditure ' has lagged very much behind. In consequence, resort is increasingly being made to other sources of funds.
Deficit financing in Pakistan, 1951-60
In: Monographs in the Economics of Development 3
The Keynesian Theory of Deficit Financing
In: Zahariev, A. (2012). Debt Management, Veliko Tarnovo: ABAGAR Publishing House. ISBN: ISBN 978-954-427-981-3. DOI: 10.13140/RG.2.1.4872.3607
SSRN
Fiscal Policy and Deficit Financing: Islamic Perspectives
In: Journal of King Abdulaziz University: Islamic Economics, Volume 32, Issue 1
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Deficit financing announcements and asset prices
In: Journal of economics and business, Volume 41, Issue 2, p. 171-183
ISSN: 0148-6195
Inflation tax and deficit financing in Egypt
In: Policy, Research, and External Affairs Working Papers, 668
In: Country Operations
World Affairs Online
Deficit Financing in Contemporary Economies: Effects and Implications
In: Journal of King Abdulaziz University: Islamic Economics, Volume 32, Issue 1
SSRN
Quasi-fiscal deficit financing and (hyper) inflation
In the Argentine hyperinflations of 1989 and 1990, quasi-fiscal deficits were a major part of the problem. The Central Bank's quasi-fiscal activities are financed directly by money printing but in some cases the monetary authority tries to sterilize the effect on the money supply by issuing debt or by increasing reserve requirements (it is not uncommon to pay interest on reserves when this happens). Thus, a new source of quasi-fiscal deficit arises, i.e. the interest payments on the Bank's liabilities. When nominal interest rates are high and debt reaches unsustainable levels, the interest payments can take a life of their own leading to hyperinflation. The traditional explanation is that the Central Bank has to finance the quasi-fiscal deficit through the use of the inflation tax but as inflation increases money demand drops and there is a limit to how much revenue can be collected which is determined by a Laffer curve. Trying to finance a quasi-fiscal deficit beyond that limit (or any fiscal deficit for that matter) leads to hyperinflation. In this paper we demonstrate that very high inflation can arise even if money demand is perfectly inelastic with respect to inflation and the real value of interest payments is relatively low. The key insight is that if expected inflation is a function of the current state of the economy the Central Bank has an additional incentive to alter the future state which results in higher inflation today.
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Quasi-Fiscal Deficit Financing and (Hyper) Inflation
In: Serie Documentos de Trabajo - Documento Nro. 649
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Working paper
DEFICIT FINANCING DI INDONESIA: SATU KAJIAN EMPIRIK
The fiscal policy has become an important issue in Asian countries, including Indonesia. In recent years, a number of papers have focused on the examination official performance, including fiscal sustainability and the relationship between fiscal and monetary variables. This paper attempts to analyze the relationship between fiscal variables, including government expenditure, tax and price in Indonesia. This paper applied cointegration and Vector Error Correction Model (VECM) to analyze the relationship between government expenditure and tax. The result shows that, there is strongly long run relationship between fiscal and monetary variables. A more active fiscal policy and a better fiscal management must be practiced in Indonesia.
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