Full Description
This book brings together cutting-edge academic research and expert policy analysis across fiscal, monetary, structural, and environmental domains. Public debt continues to rise at an unprecedented pace. According to OECD projections, sovereign bond issuance among advanced economies is expected to reach USD 17 trillion by the end of 2025, up from USD 14 trillion in 2024. In emerging and developing economies, issuance has surged from USD 1 trillion in 2023 to USD 3 trillion in 2024—a threefold increase, underscoring the growing fiscal burden.It explores strategies for stabilizing public debt ratios and enhancing the efficiency of public expenditure, while addressing inflationary pressures and promoting sustainable, environmentally conscious growth.Structured into nine parts and comprising 36 chapters authored by 75 contributors—including many of the field's most prominent scholars and practitioners—this comprehensive book examines public debt dynamics both within and beyond the framework of fiscal dominance. It will be an indispensable resource for academics, researchers, and students in public finance, as well as central bankers and policymakers engaged in shaping the future of fiscal and monetary governance.
Contents
Introductions.- Prologue: An Overview of the Global Public Debt Landscape.- General Introduction: Public Debt, Inflation Surge & Policy Mix : Where Do We Stand?.- Part I: Public Spending and Public Debt : A Vicious Circle ?.- Introduction : The Macroeconomics of Public Debt, What Are The Challenges Ahead ?.- Chapter 1: Public Debts Are Necessary : A Keynesian Rationale.- Chapter 2: Public Spending during Great Moderation and Fiscal Dominance : History, Global Landscape and Policy Issues.- Chapter 3: Public Debt Resume by Spending Cuts, Austerity Versus Fiscal Expansion.- Chapter 4: Debt, Is It Good or Bad? A Sociological View.- Chapter 5: Regional and Municipal Public Debt : A European Perspective.- Part II: Debt Management and Debt Issues Techniques .- Introduction : Public Debt & Public Deficits : Stocks, Flows and Measures.- Chapter 6: Debt Sustainability Analysis Frameworks: The IMF Versus the European Commission.- Chapter 7: Are Financial Markets At The Root of Public Over-Indebtness ?.- Chapter 8: Sovereign Debt Rating : An Overview.- Part III: Monetary Policy During Great Moderation.- Introduction : Overview of the Evolution of Some Key Factors in Monetary Policy from the 1980s through the 2020s.- Chapter 9 : The Neutral Rate(s) of Interest, Linchpin Between Monetary and Fiscal Policies.- Chapter 10 : The Transmission Channels of Monetary Policy during Quantitative Easing : What To Retain ? Selected Countries : US, UK, ECB, BoJ, New Zealand.- Chapter 11 : The Modern Monetary Theory : An Assessment.- Chapter 12: Fiscal Policy and Inflation : What To Retain From Great Moderation To Fiscal Dominance ?.- Part IV: The Effective Interest Rate Lower Bound and Inflation Issues.- Introduction : The Effective Lower Bound On Nominal Interest Rate and Low Inflation : How Should Central Banks Have Reacted (2019-2022)?.- Chapter 13: Inflation Expectations, Monetary Policy Effectiveness and The Effective Lower Bound of Interest Rate.- Chapter 14: Quantitative Easing, External Shocks and Sources of Inflation, To What Extent Inflation Is Money Fueled ?.- Chapter 15: The Evolution of Inflation Targeting From The 1990s To 2020s : Developments and New Challenges.- Part V: Fiscal and Monetary Coordination, the Way Forward: Some Thoughts from Policy Makers.- Introduction : Fiscal and Monetary Policies : What Is The New Perimeter ?.- Chapter 16: "Fiscal-Monetary Policy Mix: Challenges Facing EU".- Chapter 17: Fiscal And Monetary Coordination, The Way Forward.- Chapter 18: Macroeconomic Stabilization and the Monetary-Fiscal Policy Mix: Evidence from the Democratic Republic of Congo.-Part VI: Greening Economic Policies.- Introduction : Climate Change, Radical Uncertainty and The Greening of Economic Policies.- Chapter 19: What Policy Mix For The Ecological Transition?.- Chapter 20: Stock-Flow Consistent Models and Policy Mix For Decarbonization.- Chapter 21: Sustainable Finance, Sovereign, Blue and Green Bonds : A Market-based Approach.- Chapter 22: Environment, Social & Governance (ESG) Factors Applied To Sovereign Bonds Ratings.- Chapter 23: Environmental Sustainability, Macroeconomic Stabilization and Climate Finance : The Lessons To Be Learned.- PART VII : Emerging Countries Debt & Policy Mix Issues.- Introduction : The Debt Problem Is More Global Than Ever Believed.- Chapter 24: Fiscal and Monetary Policy in Emerging Market Economies : Room for Coordination ?.- Chapter 25: Sovereign Debt Challenges in Emerging Asian Economies: Where Do We Stand and What Can Be Done?.- Chapter 26: Public Debt Issues in a Low Distress Risk Asian Country: The Case of Vietnam.-Chapter 27: The Debt Problem In The Middle Income Countries of The MENA Region : The Case of Egypt, Morocco Tunisia.- Part VIII: The Debt Problem and Policy Issues in Low Income Countries.- Introduction : Debt and Poverty, How To Avoid The 1980-1990s Trap ?.- Chapter 28: Risk of Overindebtness in Africa and Growing Default Risks in Low Income Countries.- Chapter 29: Policy Mix Coordination and Productivity in EMCCA: Evidence from a Spatial-Dynamic Panel Approach.- Chapter 30: Public Debt and Policy Mix Issues in The CEMAC Zone : The Architecture Design For A Better Fiscal-Monetary Coordination.- Chapter 31: Hidden Public Debt Or Risk of Debt Overhang in Subsaharan Africa: The Case of Senegal (2018-2024).- Part IX: Public Debt, Radical UncertaintY and the Theory of Decision.- Introduction : Decision Under Radical Uncertainty, What To Do When We Do Not Know ?.- Chapter 32: Public Spending, Public Finance and Behavioral Economics: New Fiscal Psychology at a Glance.- Chapter 33: Public Debt Analysis : From Standard Macroeconomics To Conviction Narrative Theory & Cognitive Economics.- Chapter 34: The Theory of Decision under Radical Uncertainty.- Chapter 35: Mathematics and Radical Uncertainty in Finance - A Conceptual Overview.- Chapter 36: Radical Uncertainty, Probability and Econometrics.- General Conclusion: The Stabilization Policy Journey Seventeen Years After the Global Financial Crisis.
