Evolution of central government debt instruments around the world 1995 – 2021

Government borrowing could respond to intertemporal allocation of public resources to smooth expenditure, investment, and taxation. It allows expediting the investment process to foster economic growth and helps in economic stabilization. According to Eichengreen et al. (2019), sovereign debt has a long history with evolving nature and dynamics. Debt before the 19th century was mainly […]