Public Debt and Economic Growth

Starting point of this book is the observation that an increase in public debt must be accompanied by a rise in the primary surplus of the government to guarantee sustainability of public debt. The book first elaborates on that principle from a theoretical point of view and then tests whether empiri...

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Bibliographic Details
Main Authors: Greiner, Alfred, Fincke, Bettina (Author)
Format: eBook
Language:English
Published: Berlin, Heidelberg Springer Berlin Heidelberg 2009, 2009
Edition:1st ed. 2009
Series:Dynamic Modeling and Econometrics in Economics and Finance
Subjects:
Online Access:
Collection: Springer eBooks 2005- - Collection details see MPG.ReNa
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245 0 0 |a Public Debt and Economic Growth  |h Elektronische Ressource  |c by Alfred Greiner, Bettina Fincke 
250 |a 1st ed. 2009 
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300 |a VIII, 144 p. 60 illus  |b online resource 
505 0 |a and Overview -- Sustainability of Public Debt -- Public Debt and Economic Growth: A Theoretical Model -- Public Debt, Productive Public Spending and Economic Growth with Full Employment -- The Role of Real Wage Rigidity and Unemployment -- Conclusion 
653 |a Finance, Public 
653 |a Environmental Economics 
653 |a Environmental economics 
653 |a Economic development 
653 |a Development Economics 
653 |a Economic Growth 
653 |a Macroeconomics and Monetary Economics 
653 |a Public Economics 
653 |a Development economics 
653 |a Macroeconomics 
700 1 |a Fincke, Bettina  |e [author] 
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490 0 |a Dynamic Modeling and Econometrics in Economics and Finance 
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520 |a Starting point of this book is the observation that an increase in public debt must be accompanied by a rise in the primary surplus of the government to guarantee sustainability of public debt. The book first elaborates on that principle from a theoretical point of view and then tests whether empirical evidence for that rule can be found. Additional tests are implemented to gain further evidence on sustainability of public debt. In order to allow for time varying coefficients penalized spline estimations are performed. The theoretical chapters present endogenous growth models and assume that the primary surplus rises as public debt increases so that sustainability of public debt is given. Implications of public deficits and debt are studied assuming full employment and for unemployment. The conclusion summarizes the findings and compares the results of the different models. Finally, policy implications are given showing how governments should deal with high public debt to GDP ratios