Public Debt and Economic Growth - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Public Debt and Economic Growth write by Alfred Greiner. This book was released on 2009-07-24. Public Debt and Economic Growth available in PDF, EPUB and Kindle. 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.
Public Debt and Growth
Public Debt and Growth - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Public Debt and Growth write by Jaejoon Woo. This book was released on 2010-07-01. Public Debt and Growth available in PDF, EPUB and Kindle. This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over almost four decades, takes into account a broad range of determinants of growth as well as various estimation issues including reverse causality and endogeneity. In addition, threshold effects, nonlinearities, and differences between advanced and emerging market economies are examined. The empirical results suggest an inverse relationship between initial debt and subsequent growth, controlling for other determinants of growth: on average, a 10 percentage point increase in the initial debt-to-GDP ratio is associated with a slowdown in annual real per capita GDP growth of around 0.2 percentage points per year, with the impact being somewhat smaller in advanced economies. There is some evidence of nonlinearity with higher levels of initial debt having a proportionately larger negative effect on subsequent growth. Analysis of the components of growth suggests that the adverse effect largely reflects a slowdown in labor productivity growth mainly due to reduced investment and slower growth of capital stock.
Public Debt and Growth
Public Debt and Growth - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Public Debt and Growth write by Jaejoon Woo. This book was released on 2010-07-01. Public Debt and Growth available in PDF, EPUB and Kindle. This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over almost four decades, takes into account a broad range of determinants of growth as well as various estimation issues including reverse causality and endogeneity. In addition, threshold effects, nonlinearities, and differences between advanced and emerging market economies are examined. The empirical results suggest an inverse relationship between initial debt and subsequent growth, controlling for other determinants of growth: on average, a 10 percentage point increase in the initial debt-to-GDP ratio is associated with a slowdown in annual real per capita GDP growth of around 0.2 percentage points per year, with the impact being somewhat smaller in advanced economies. There is some evidence of nonlinearity with higher levels of initial debt having a proportionately larger negative effect on subsequent growth. Analysis of the components of growth suggests that the adverse effect largely reflects a slowdown in labor productivity growth mainly due to reduced investment and slower growth of capital stock.
The U.S. Public Debt
The U.S. Public Debt - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The U.S. Public Debt write by Mr.Carlos M. Asilis. This book was released on 1994-01-01. The U.S. Public Debt available in PDF, EPUB and Kindle. The increase in the U.S. public debt over the past twelve years raises questions about its implications for investment and economic growth. This paper places these developments within an international and historical context and quantitatively examines the implications of various measures of the current U.S. public debt-to-GDP ratio on economic growth. The analysis is undertaken through extensions of recently developed endogenous growth models. The results suggest that while higher levels of the public debt may affect long-run economic growth negatively, the order of magnitude is not large enough to be a cause for serious concern.
Public Debt, Sustainability and Economic Growth
Public Debt, Sustainability and Economic Growth - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Public Debt, Sustainability and Economic Growth write by Alfred Greiner. This book was released on 2014-10-14. Public Debt, Sustainability and Economic Growth available in PDF, EPUB and Kindle. Public debt has become a severe problem for a great many economies. While the effects of tax policies on the allocation of resources are readily derived, the mechanisms that make public deficits and debt influence the economy are not so easily understood. This book elaborates on the effects of public debt starting from the intertemporal budget constraint of the government. It is shown under which conditions a government can stick to the intertemporal budget constraint and then, demonstrated how public debt affects the growth process and welfare in market economies. The effects are derived for models with complete labor markets as well as taking into account labor market imperfections. The focus in this book is on fiscal policy issues, but it also deals with monetary policy aspects. The theoretical analysis is complemented with empirical time series analyses on debt sustainability and with panel studies dealing with the relationship between public debt and economic growth.
