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This paper has mathematically analysed the domestic fiscal deficit and debt. It has been found that unless necessary measures are taken the primary budget deficit in absolute terms is likely to increase annually at about 18 percent. To meet the resource gap requirements given rise by such an...
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Large and growing levels of public debt in the United States, United Kingdom, Japan and the Euro Area raise new interest in the cross-country effects of a large open economy's deficits. We consider a dynamic optimizing model with costly tax collection and exogenously given public spending and...
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