Though budget deficits are common in developing countries such as India, USA, Germany and France, they do not realize the adverse effects these could have on capital accumulation, economic growth, future tax rates and inflation. If governments prefer huge external borrowing, they could run into deep financial crises, as experienced by South East Asia and Latin America.
ABOUT THE AUTHOR Nagendra V. Chowdary
Nagendra V. Chowdary is currently a faculty member at ICFAI Business School, Case Development Center, Hyderabad. He also handles managerial economics, financial management and business strategy courses at ICFAI Business School, Hyderabad. Earlier he was a faculty at Graduate School of International Business, Paris. He was the Director (Academic Programs) at American University of Hawaii's off-campus center in India. He also worked as the Director of Sri Ramakrishna Post Graduate College, Nandyal. He has published several papers and articles in various journals and Indian business dailies. He has authored a book on "Venture Capital: Funding the Dreams". He has edited 25 books on three themes, Economic Reforms in India, Corporate Governance and What it takes to be a world-class company. His areas of interest are international economics and international accounting. He has held several training programs for the executives in the areas of international accounting, international negotiation, business communication and emerging business scenarios. He is also the Consulting Editor of "Best Books", a monthly magazine from ICFAI Press.
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