Author information:
Gábor P. Kiss https://orcid.org/0009-0008-6794-351X: Magyar Nemzeti Bank, Head of Department. E-mail: kissg@mnb.hu
Katalin Szőke https://orcid.org/0009-0001-1384-0848: Magyar Nemzeti Bank, Senior Economic Analyst. E-mail: szokek@mnb.hu
Dóra Novák https://orcid.org/0009-0009-8725-0216: Magyar Nemzeti Bank, Economic Analyst. E-mail: novakd@mnb.hu
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.
Cite as (APA):
P. Kiss, G., Szőke, K., & Novák, D. (2026). The Role of Government Amidst Global Challenges. Financial and Economic Review, 25(1), 131–150. https://doi.org/10.33893/FER.25.1.131
Column:
Essay
Journal of Economic Literature (JEL) codes:
E62, H63, H70
Keywords:
government, budget, ageing, climate change, digital revolution, security policy, inequality, public debt
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