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The Ever-Increasing Public Debt: A Comparative Study among 20 Selected Countries

Author

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  • Miroslaw Bojanczyk

Abstract

Purpose: This article analyses public debt in selected countries from 1990 to 2023, focusing on the public debt to GDP. Design/Methodology/Approach: The research employs an analytical approach predicated on macroeconomic data from 1990 to 2023. To ascertain trends and outcomes, public debt in selected countries and its relation to GDP were thoroughly examined. Findings: The findings indicate a significant rise in the public debt, primarily due to increased budgetary expenditures. This situation led excessive growth of the debt of many countries and the increase in the costs of financing it. This causes huge threats for these countries. Practical Implications: The study’s findings can provide policymakers with crucial information regarding the fiscal reforms and adjustments necessary to preserve financial equilibrium and increase dependence on public debt as a way to finance budget deficits. Originality/Value: The article contributes to the understanding of fiscal policy adjustments in response to a sharp increase in public debt in relation to GDP, emphasizing the importance of pursuing a more restrictive fiscal policy.

Suggested Citation

  • Miroslaw Bojanczyk, 2024. "The Ever-Increasing Public Debt: A Comparative Study among 20 Selected Countries," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 700-713.
    • Handle: RePEc:ers:journl:v:xxvii:y:2024:i:4:p:700-713
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    References listed on IDEAS

    as
    1. Aspromourgos, Tony, 2018. "Keynes, Public Debt, And The Complex Of Interest Rates," Journal of the History of Economic Thought, Cambridge University Press, vol. 40(4), pages 493-512, December.
    2. Eleftherios Thalassinos & Theodore V. Stamatopoulos, 2015. "The Trilemma and the Eurozone: A Pre-announced Tragedy of the Hellenic Debt Crisis," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(3), pages 27-40.
    3. Lefteris Tsoulfidis, 2007. "Classical economists and public debt," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 54(1), pages 1-12, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Public financial sector; fiscal discipline; public deficit and debt; GDP growth.;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • G01 - Financial Economics - - General - - - Financial Crises
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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