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Prudent sovereign borrowing from financial markets

Author

Listed:
  • Vatcharin Sirimaneetham

    (Macroeconomic Policy and Financing for Development Division, United Nations Economic and Social Commission for Asia and the Pacific)

  • Yong Yoon

    (Assistant Professor, Faculty of Economics, Chulalongkorn University)

Abstract

ESCAP studies in recent years have argued that the goal of fiscal policies should not be focused solely on ensuring macroeconomic stability, but also on promoting sustainable development through job creation, social development and environmental protection. Hence, there is a need to rethink what is the right balance between the stabilization and the developmental roles of fiscal policies. While public debt sustainability should be closely monitored and maintained, Governments also should ensure that meeting targeted fiscal outcomes does not come at the cost of reducing spending on development objectives.

Suggested Citation

  • Vatcharin Sirimaneetham & Yong Yoon, 2018. "Prudent sovereign borrowing from financial markets," MPDD Policy Briefs PB70, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
    • Handle: RePEc:unt:pbmpdd:pb70
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