Template-Type: ReDIF-Article 1.0

Author-Name: Gabor P. Kiss
Author-Workplace-Name: Magyar Nemzeti Bank
Author-Email: kissg@mnb.hu
Author-Person: ppk1

Author-Name: Katalin Szoke
Author-Workplace-Name: Magyar Nemzeti Bank
Author-Email: szokek@mnb.hu
Author-Person:

Author-Name: Dora Novak
Author-Workplace-Name: Magyar Nemzeti Bank
Author-Email: novakd@mnb.hu
Author-Person:

Title: The Role of Government Amidst Global Challenges

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.

Classification-JEL: E62, H63, H70
Keywords: government, budget, ageing, climate change, digital revolution, security policy, inequality, public debt
Pages: 131-150
Volume: 25
Issue: 1
Year: 2026
File-URL: https://hitelintezetiszemle.mnb.hu/sw/static/file/fer-25-1-e2-kiss-szoke-novak.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:25:y:2026:i:1:p:131-150