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This handbook 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 in nine parts and comprising 36 chapters with 75 contributors including many of the field s most prominent scholars and practitioners this comprehensive handbook 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.
Sommario
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:
Info autore
Chicot Eboue
, full professor at Lorraine University in Nancy, France since 1996, is a macroeconomist specializing in macroeconomics, monetary economics, international finance, and development finance. He holds a PhD in Economics and International Finance (1986) and an HDR in Economics (1991) from the University of Bordeaux 1, France. A two-time laureate (1992, 1996) of the French External Aggregation Competition for the recruitment of tenured professors of economics, he is the author of five books, including:
Tutorial Lectures in Macroeconomics
(Ellipses Editions, Paris, 2025);
Finance, Banking and Microfinance: Where Does the Wealth Created Go?
(Larcier Editions, Brussels, 2021);
Africa: Commodity, Resource Curse & Export Dependence
(Lit Verlag, Berlin, 2007); and
The Contemporary Economic and Financial Reflection of Central Banks
(BCEAO Editions, Dakar, 2005). His research also focuses on the structural diversification of low-income economies, the coordination of external resources, and innovative financing mechanisms. He serves as a consultant to several central banks and governments of developing countries.
Riassunto
This handbook 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 in nine parts and comprising 36 chapters with 75 contributors—including many of the field’s most prominent scholars and practitioners—this comprehensive handbook 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.
