IDEAS home Printed from https://ideas.repec.org/a/ers/journl/vxxviiy2024i4p700-713.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://ersj.eu/journal/3543/download
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. 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.
    2. 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.
    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)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kazi Musa & Kazi Sohag & Jamaliah Said & Farha Ghapar & Norli Ali, 2023. "Public Debt, Governance, and Growth in Developing Countries: An Application of Quantile via Moments," Mathematics, MDPI, vol. 11(3), pages 1-13, January.
    2. Olubunmi Edward Ogunlusi, 2019. "Financing Economic Growth and Development in Nigeria between 1981-2017," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 5(3), pages 71-79, September.
    3. Nour Mohamad Fayad, 2024. "The Causality Between Corruption and Economic Growth in MENA Countries: A Dynamic Panel-Data Analysis," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 14(1), pages 28-49.
    4. Elena G. Popkova & Elena Y. Zolochevskaya & Svetlana A. Litvinova & Yuliya S. Zima, 2017. "New Scenarios of Joint Crises Fighting in Socio-Economic Sphere of Russia and Greece," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 49-55.
    5. repec:ers:journl:v:v:y:2017:i:1:p:3-17 is not listed on IDEAS
    6. Wanniarachchi, Sasindu Lakruwan, 2020. "The Nexus among External Debt and Economic Growth: Evidence from South Asia," OSF Preprints ghfdb, Center for Open Science.
    7. Irena Jindrichovska & Erginbay Ugurlu & Eleftherios I. Thalassinos, 2020. "Exploring the Trend of Czech FDIs and their Effect to Institutional Environment," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 94-108.
    8. Donjeta Morina, 2020. "Determinants of Credit Risk in Commercial Banks of Kosovo," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 179-190.
    9. N.G. Kuznetsov & I.I. Savvidy & N.D.Rodionova & E.S. Tsepilova, 2017. "Economic Cooperation of Russia and Greece during the Sanction Restrictions period and the Policies to Strengthen the Integration Process," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 22-35.
    10. Theodore Katsanevas, 2016. "The debt trap of the Greek economy and the way out," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(3), pages 19-35.
    11. Biagio Bossone, 2021. "Exercising Economic Sovereignty in Today's Global Financial World: The Lessons from John Maynard Keynes," Working Papers PKWP2120, Post Keynesian Economics Society (PKES).
    12. Artem Stopochkin & Inessa Sytnik & Janusz Wielki & Nataliia Zemlianska, 2021. "Methodology for Building Trader's Investment Strategy Based on Assessment of the Market Value of the Company," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 913-935.
    13. John Chalikias, 2017. "The Manufacturing Sector of Greece Before and During the Financial Crisis," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 3-17.
    14. Biagio Bossone, 2021. "Why MMT can’t work," International Journal of Economic Policy Studies, Springer, vol. 15(1), pages 157-181, February.
    15. Wanniarachchi, Sasindu Lakruwan, 2020. "The Nexus among External Debt and Economic Growth: Evidence from South Asia," OSF Preprints ghfdb_v1, Center for Open Science.
    16. Tony Aspromourgos, 2019. "The Past and Future of Keynesian Economics: A Review Essay," History of Economics Review, Taylor & Francis Journals, vol. 72(1), pages 59-78, January.
    17. BRILLANT, Lucy, 2024. "The origins of yield curve theory: Irving Fisher and John Maynard Keynes," SocArXiv 9hf8z_v1, Center for Open Science.
    18. Peter Vaz da Fonseca & Michele Nascimento Juca & Wilson Toshiro Nakamura, 2020. "Debt Tax Benefits in a High Tax Emerging Market: Evidence from Brazil," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 35-52.
    19. George C. Bitros, 2018. "Germany and Greece: A Mapping of their Great Divide, its EU Implications," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 14-42.
    20. repec:ers:journl:v:vi:y:2018:i:3:p:92-97 is not listed on IDEAS
    21. Xanthippi Chapsa & Nikolaos Tabakis & Athanasios L. Athanasenas, 2018. "Investigating the Catching-Up Hypothesis Using Panel Unit Root Tests: Evidence from the PIIGS," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 250-271.
    22. Natalia G. Vovchenko & Evgeniy N. Tishchenko & Tatiana V. Epifanova & Mark B. Gontmacher, 2017. "Electronic Currency: The Potential Risks to National Security and Methods to Minimize Them," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 36-48.

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ers:journl:v:xxvii:y:2024:i:4:p:700-713. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Marios Agiomavritis (email available below). General contact details of provider: https://ersj.eu/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.