Among the main challenges of today, problematic issues connected with the state of public finance, its deficit, and accumulated debt can be identified. During the last decades of the last century – the period when many new economies were formed in the world – financial, currency, and debt crises were not rare in developing countries. At the same time, financial markets of developed countries seemed stable, and existing lending (and borrowing) mechanisms allowed the governments of such countries to accumulate resources in domestic and foreign markets rather actively on a virtually risk-free basis. …read more
Source: Razumkov Centre