BACKGROUND The importance of good health is reflected in the fact that more than half of the eight Millennium Development Goals (MDGs) are aimed at improving health status. Goal 4 (MDG4) aims to reduce child mortality. The progress indicator for goal 4 is the under-five mortality rate (U5M), with a targeted reduction of two thirds by 2015 from 1990 levels. This paper seeks to compare the time (...

Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded offi cial Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not necessarily those of the Federal Reserve Ban...

The volatility in crude oil price the global market has continuously heightened fiscal deficits Nigeria, a net exporter of oil. Consequently, successive governments have often resorted to external borrowing augment available revenue. This implications for economic growth. Therefore, this study evaluated growth effect debt and accounted structural break debt-growth nexus Nigeria. Annual data spa...

Debt-financed fiscal stimulus programmes directly stimulate aggregate demand through government expenditure or tax cuts, but their effectiveness is highly dependent on direct crowding out of private sector expenditure, spillover effects to the a higher risk premium interest rates, and interaction between policy monetary policy. Using an open-economy dynamic stochastic general equilibrium model,...

The paper explores the impact of a binding external debt-servicing constraint on the sectoral composition of government expenditures in the economies of Africa, where this constraint has traditionally been most prevalent. Applying seemingly unrelated regression (SUR) to 1975-94 five-year panel data for 35 countries, the paper finds that the implied debt service burden adversely affects the shar...

This study examines the effect of Exchange Rate Fluctuation and Foreign Reserves on Macroeconomics Performance in Nigeria from 1980-2019. The variables interest include External Debt, Reserves, Rate, Debt Servicing Government Expenditure were analyzed using co-integration, auto-redistribution lag model (ARDL) Granger Causality test to understand long short run relationship between variables. Re...

a r t i c l e i n f o This paper studies the monetary policy trade-off between low inflation and low sovereign risk in the environment where fiscal authorities fail to fully ensure the sustainability of government debt. Building on the Fiscal Theory of Price Level (FTPL) and the Fiscal Theory of Sovereign Risk (FTSR), this paper differs in its baseline assumption about the monetary policy objec...

Concurrent and overlapping crises, such as the COVID-19 pandemic increases in energy food costs, are particularly affecting developing poor countries, addition to continuous growing negative impacts from climate change. In this paper, we develop a policy proposal show through model how an implicit debt servicing standstill for country with large external can be combined promoting power generati...