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The necessity for governments to borrow in order to finance deficit budgets has led to the development of external debt. This study examines how the use of budget deficits as an instrument of stabilization leads to the accumulation of external debt with the attending effects on growth in Nigeria between 1970 and 2003. By synthesizing a relationship between budget deficits and external debt the study shows the implications on economic growth of conducting a fiscal policy within the contexts of debt stabilization and debt sustainability. The results of the econometric analysis confirm the existence of the debt Laffer curve and the nonlinear effects of external debt on growth in Nigeria. The study concludes that if debt-financed budget deficits are operated in order to stabilize the debt ratio at the optimum sustainable level debt overhang problems would be avoided and the benefits of external borrowing would be maximized. . Downloaded from www.worldscientific.com by NORTHWESTERN UNIVERSITY on 02/05/15. For personal use only. Fiscal policy sustainability and debt stabilizationThe government budget constraint is a relation among debt, deficits, government spending and taxes. It gives the evolution of government debt as a function of spending and taxes.

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This study examined the nexus between climate change and food security in Sub-Saharan African Region (SSA). With focus on 30 countries within the region, the study employed the dynamic panel data analysis using the one-step and two-step system generalized method of moments (GMM) model. The time observed spanned from 2000 through 2019. The study found that increase in greenhouse gas emission would lead to an increase in prevalence of malnourishment rate, resulting in a decrease in food security in SSA. In addition, climate change and food price have a negative significant effect on food security, while income and food supply have a positive significant impact on food security in SSA. The findings also revealed that the decline in carbon emission is expected to boost agricultural supply and productivity, reduce the prevalence of malnourishment rate and promote food security. Thus, the study recommends that SSA region should be more deliberate about meeting its targets towards achieving zero net emission. Furthermore, the region should improve its domestic food production capacity by implementing policies that will support improvement in agricultural production in the region.