Deficit bias and debt accumulation to economic crises in Papua New Guinea
[Introduction]: This paper argues that one of the major reasons for the poor record on development is to do with poor macroeconomic management. The three liquidity crises faced in the 1990s, several near misses, and yet another impending crisis inmid 2002 are evidence of such mismanagement. This paper argues that a strong deficit bias in fiscal policy has seen public debt rise from zero at independence to 45 per cent by 1990 and 66 per cent by 1999—the most recent period for which published...[Show more]
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