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The Role of Government Amidst Global Challenges

Author

Listed:
  • Gabor P. Kiss

    (Magyar Nemzeti Bank)

  • Katalin Szoke

    (Magyar Nemzeti Bank)

  • Dora Novak

    (Magyar Nemzeti Bank)

Abstract

The global trends emerging in the 21st century pose new challenges for economies and societies. In addition to individual involvement, many of these challenges require public policy and fiscal action, due to their complexity or scope. The most significant challenges, which have universal impact at the global level and are the subject of our study, are ageing, climate change, the digital revolution, the increasing importance of security policy, growing economic inequality, the rising burdens of public debt and the impact of globalisation on tax revenues. In this essay, we examine the impact of these simultaneous, large-scale trends, which increase budgetary expenditure and reduce revenue, on government budgets.

Suggested Citation

  • Gabor P. Kiss & Katalin Szoke & Dora Novak, 2026. "The Role of Government Amidst Global Challenges," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 25(1), pages 131-150.
    • Handle: RePEc:mnb:finrev:v:25:y:2026:i:1:p:131-150
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    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H70 - Public Economics - - State and Local Government; Intergovernmental Relations - - - General

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