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REFERENCES Abbas, S. M., & Christensen, J. E. (2010). The Role of Domestic Debt Markets in Economic Growth: An Empirical Investigation for Low-Income Countries and Emerging Markets. IMF Staff Papers, 57 (1), 209–255. https://doi.org/10.1057/imfsp.2009.24 Abdullah, H., & Habibullah, M. S. (2009). An Investigation on Trade Openness, Fiscal Policy and Economic Growth in Malaysia: Using an ARDL Bounds Testing Approach. International Journal of Management Studies (IJMS) , 16 (2), 177–197. Retrieved from http://repo.uum.edu.my/577/1/Hussin_Abdullah.pdf Adekoya, A

References Abbas, S and Christensen, E (2007): The Role of Domestic Debt Markets in Economic Growth: An Empirical Investigation for Low-income Countries and Emerging Markets, IMF Working Paper, page 20-23 Ahlborn M. and Schweickert R. Public debt and economic growth-economic system matter, Berlin:Springer Arcand. J.L, Berkes. E and Panizza. U, “Too Much Finance,” mimeograph, UNCTAD, March 2011 Balassone. F, Francese. M and Pace. A, “Public Debt and Growth in Italy,” Quaderni di Storia Economica, Banca D’ Italia No. 11, October 2011 Bank of Albania, Annual report

Bibliography African Development Bank, 2003. African Economic Outlook . African Development Bank/OECD. African Development Bank, 2010. African Economic Outlook . African Development Bank/OECD. African Forum and Network on Debt and Development. 2011). Domestic Debt Management in Africa: The Case of Zambia. Harare: African Forum and Network on Debt and Development. Andersson, P., Bigsten, A., and Persson, H., 2000. Foreign Aid, Debt and Growth in Zambia. Uppsala: Nordiska Afrikainstitutet. Bank of Zambia. Monetary Policy Statement (various issues). Lusaka

, Central Bank of Nigeria, Abuja. · (CBN) Central Bank of Nigeria, 2010, Annual Report and Statement of Account for 2009, Central Bank of · Nigeria, Abuja. · Debt Management Office, 2015, ‘Total Domestic Debt of the 36 States and the FCT, as at December 31, 2015, Debt Management Office, https://www.dmo.gov.ng/debt-profile/sub-national-debts. · Debt Management Office, 2013, Annual Report and Statement of Accounts, Debt Management Office, Abuja. · Edwards Chris, 2013, ‘Fiscal Federalism in the United States’, in Clemens Jason and Veldhuis Niels (eds), Federalism and Fiscal

spending, even of a recurrent nature, can contribute positively to economic growth. The effectiveness of fiscal policy in stabilising aggregate demand also depends on whether or not public spending crowds out private spending. An increase in government spending that is not matched by an increase in revenues leads to a budget deficit that needs to be financed. If the deficit is financed by issuing domestic debt, it can have negative consequences for domestic interest rates, which crowds out private (consumption and investment) spending ( Fei and Ranis, 1964 ). Evidence of