Why Two Governments Can Borrow the Same Amount and End Up in Completely Different Places
Imagine two governments borrowing broadly comparable amounts during the same year. One directs a large share toward transport, energy, education, digital capacity and productive infrastructure. Another uses much of its borrowing to support recurring expenditure whose benefit ends largely within the current period. At year end, Dr Uppiliappan Gopalan writes in Unconventional Levers, headline debt
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