Public debt has always been a central concern of governments, economists, and financial institutions. In the 20th century, the question was whether sovereign debt could be sustained without triggering inflationary spirals or default. In the early 21st century, the conversation shifted toward fiscal rules, transparency, and sustainability in the face of crises like the 2008 global financial meltdown and the COVID-19 pandemic. Now, as digital finance rapidly reshapes the financial landscape, we are entering a new era in public debt management—one where technology, innovation, and data are as decisive as interest rates or macroeconomic forecasts.
A New Financial Environment
Digital finance—encompassing fintech platforms,…