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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According to Reinhart and Rogoff's research, the main reason for an increase in national debt after a financial crisis is due to sharp declines in tax revenues. This is because the economic downturn leads to decreased economic activity, which in turn leads to lower tax revenues for the government. The other options (government bailouts, social welfare programs, and stimulus programs) may also contribute to the increase in debt, but they are not the main driver according to this research.

Research by Reinhart and Rogoff Indicate That Most of the Increase