Research by Reinhart and Rogoff indicate that most of the increase in national debt as a result of a financial crisis is due to

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Reinhart and Rogoff's research indicates that the majority of the increase in national debt following a financial crisis is due to sharp declines in tax revenues. This is often a result of lower economic activity and higher unemployment, which lead to lower tax collections for governments. While government bailouts, increased spending on social welfare programs, and stimulus programs can also contribute to higher national debt, they are not the primary drivers according to this research.

Research by Reinhart and Rogoff Indicate That Most of the Increase