Total amount of debt owed to lenders by a government/state
Public finance
Policies
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Fiscal
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Policy mix
Fiscal policy
Budget
policy
Debt
internal
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Finance ministry
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Revenue
Spending
deficit
Tax
Monetary policy
Bank reserves
requirements
Discount window
Gold reserves
Interest rate
Monetary authority
central bank
currency board
Monetary base
Monetary (currency) union
Money supply
Trade policy
Balance of trade
Free trade
Gains from trade
Non-tariff barrier
Protectionism
Tariff
Trade bloc
Trade creation
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Trade / commerce ministry
Revenue
Spending
Non-tax revenue
Tax revenue
Discretionary spending
Mandatory spending
Optimum
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Economic growth
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Reform
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Portal
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A country's gross government debt (also called public debt, or sovereign debt[1]) is the financial liabilities of the government sector.[2]: 81 Changes in government debt over time reflect primarily borrowing due to past government deficits.[3] A deficit occurs when a government's expenditures exceed revenues.[4][2]: 79–82 Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt.[5]
In 2020, the value of government debt worldwide was $87.4 US trillion, or 99% measured as a share of gross domestic product (GDP).[6] Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s.[6] The rise in government debt since 2007 is largely attributable to the global financial crisis of 2007–2008, and the COVID-19 pandemic.[6]
The ability of government to issue debt has been central to state formation and to state building.[7][8] Public debt has been linked to the rise of democracy, private financial markets, and modern economic growth.[7][8]
^"FT Lexicon" – The Financial Times
^ abCite error: The named reference gfsm was invoked but never defined (see the help page).
^OECD Data. "OECD General government debt". OECD.org.
^OECD Data. "General government deficit". OECD.org.
^International Monetary Fund. "External Debt Statistics: Guide for Compilers and Users". pp. 41–43.
^ abcGaspar, Vitor; Medas, Paulo; Perrelli, Roberto (15 December 2021). "Global Debt Reaches a Record $226 Trillion". IMF Blog.
^ abCite error: The named reference Eichengreen-2021 was invoked but never defined (see the help page).
^ abCite error: The named reference Stasavage-2003 was invoked but never defined (see the help page).
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