Publication:
External Debt, Fiscal Consolidation, and Government Expenditure on Education

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dc.contributor.authorMiningou, Élisé Wendlassida
dc.date.accessioned2023-06-15T21:49:14Z
dc.date.available2023-06-15T21:49:14Z
dc.date.issued2023-06-15
dc.description.abstractTo face a debt crisis, countries often implement various forms of fiscal consolidation policies aiming at addressing fiscal imbalances. This paper investigates how debt and fiscal consolidation could influence government expenditure on education. It shows that increased external debt is associated with a higher risk of fiscal consolidation, which may contribute to a decline in education expenditure. A 1 percent increase in external debt is associated with a 2.9 percent decline in education spending per school-age child. Given the rising debt levels fueled by the COVID-19 response policies, a decline in education expenditure is to be expected in the post-pandemic era. For instance, in lowand middle-income countries, a 5 percent increase in the external debt could lead to a $12.8 billion decline in the volume of education expenditure, all things being equal. This decline is almost equivalent to the volume of official development assistance to the education sector in 2021. The paper sounds the alarm bell for the potential impact of COVID-19-related debt on education financing.en
dc.identifierhttp://documents.worldbank.org/curated/en/099748506072325934/IDU09d7e7fa50fbff046e00a8a80e07ac5341e5b
dc.identifier.doi10.1596/1813-9450-10475
dc.identifier.urihttps://openknowledge.worldbank.org/handle/10986/39887
dc.languageEnglish
dc.language.isoen
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Papers; 10475
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by-nc/3.0/igo/
dc.subjectHUMAN CAPITAL
dc.subjectEDUCATION EXPENDITURE
dc.subjectFISCAL CONSOLIDATION
dc.subjectDEBT
dc.subjectEDUCATION FINANCE
dc.subjectCOVID-19 DEBT IMPACT
dc.titleExternal Debt, Fiscal Consolidation, and Government Expenditure on Educationen
dc.typeWorking Paper
dspace.entity.typePublication
okr.crossref.titleExternal Debt, Fiscal Consolidation, and Government Expenditure on Education
okr.date.disclosure2023-06-07
okr.date.lastmodified2023-06-07T00:00:00Zen
okr.doctypePolicy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/099748506072325934/IDU09d7e7fa50fbff046e00a8a80e07ac5341e5b
okr.guid099748506072325934
okr.identifier.docmidIDU-9d7e7fa5-fbff-46e0-a8a8-e07ac5341e5b
okr.identifier.doi10.1596/1813-9450-10475
okr.identifier.doihttp://dx.doi.org/10.1596/1813-9450-10475
okr.identifier.externaldocumentum34076134
okr.identifier.internaldocumentum34076134
okr.identifier.reportWPS10475
okr.import.id871
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099748506072325934/pdf/IDU09d7e7fa50fbff046e00a8a80e07ac5341e5b.pdfen
okr.topicEducation::Education Finance
okr.topicInternational Economics and Trade::External Debt
okr.topicEducation::Education Indicators and Statistics
okr.topicInternational Economics and Trade::Export Competitiveness
okr.unitGPE Secretariat (GGGPE)
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