This paper investigates the effects of external debt on public capital investment in Nigeria from 1970 to 2013 using autoregressive distributed lag (ARDL) bound testing approach. The empirical results reveal that external debt and debt service exert a negative impact on public capital...

Sovereigns' public capital and fiscal constraint influence sovereign debt crises and resolution. We compile a dataset on public expenditure composition around restructurings with private external creditors. We show that during restructurings, public investment (i) experiences severe decline and...

The paper addresses a topical issue - how expansionary fiscal policy affects the debt to GDP ratio. It examines whether the projected future economic growth (stimulated by government spending) is sustained with the resulting national debt. It is discussedif government investment in...

The COVID pandemic put unprecedented pressure on all economies around the world. Many foretold that this economic dislocation would lead to an unprecedented number of corporate bankruptcies. This did not happen. The American government and other governments responded with extraordinary measures....