China has this process at the city state level. They can leverage their pegged currency to keep their citizen’s purchasing power lower than it should be to fund anything.
A downside is that their consumption economy is low, all their geo neighbors view them as a threat (reducing exports long term), and this contributes to high unemployment as productivity increases.
A downside is that their consumption economy is low, all their geo neighbors view them as a threat (reducing exports long term), and this contributes to high unemployment as productivity increases.