An Endogenous Growth Model with Public Capital and Sustainable Government Debt
An Endogenous Growth Model with Public Capital and Sustainable Government Debt
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公共资本和可持续政府债务的内生增长模型
DOI：
10.1111/j.1468-5876.2007.00394.x
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发表时间：
2007
期刊：
影响因子：
--
通讯作者：
Alfred Greiner
中科院分区：
文献类型：
--
作者：
Alfred Greiner
本文提出并分析了一个含有公共资本和公共债务的内生增长模型。假设基本盈余与国内总收入的比率是债务收入比率的正线性函数，这确保了公共债务是可持续的。然后，本文推导出分析模型的可持续平衡增长路径存在的必要条件。此外，进行模拟，以深入了解模型的稳定性，并为了分析赤字融资增加公共投资的增长效应。后者是对可持续平衡增长路径上的模型以及沿着过渡路径上的模型进行的。
This paper presents and analyses an endogenous growth model with public capital and public debt. It is assumed that the ratio of the primary surplus to gross domestic income is a positive linear function of the debt income ratio which assures that public debt is sustainable. The paper then derives necessary conditions for the existence of a sustainable balanced growth path for the analytical model. Further, simulations are undertaken in order to gain insight into stability properties of the model and in order to analyse growth effects of deficit financed increases in public investment. The latter is done for the model on the sustainable balanced growth path as well as for the model along the transition path.