Dynamic Analysis of Reductions in Public Debt in an Endogeneous Browth Model with Public Capital
Dynamic Analysis of Reductions in Public Debt in an Endogeneous Browth Model with Public Capital
复制标题
公共资本内生增长模型中公共债务削减的动态分析
DOI：
10.1017/s1365100515000954
复制
发表时间：
2016
期刊：
影响因子：
--
通讯作者：
Takeo Hori
中科院分区：
文献类型：
--
作者：
Koichi Futagami;Noritake Maebayashi;Takeo Hori
我们构建了一个包含生产性公共资本和政府债务的内生增长模型。我们假设政府债务与gdp之比逐渐调整到目标水平，反映了欧盟《稳定与增长公约》或《马斯特里赫特条约》中的永久承诺规则（即众所周知的60%规则）。这些规则影响到政府借贷和公共投资。在这里，我们研究了永久承诺规则的福利含义。我们发现，基于规则的财政整顿改善了社会福利。此外，随着财政整顿进程的加快，福利的改善也会加速。最后，我们还讨论并推导了最优的长期债务与gdp比率。
We construct an endogenous growth model that includes productive public capital and government debt. We assume that the government debt-to-GDP ratio is gradually adjusted to a target level, reflecting the permanent commitment rules in the Stability and Growth Pact or the Maastricht Treaty in the European Union (i.e., the well-known 60% rule). These rules affect government borrowing and public investment. Here, we examine the welfare implications of the permanent commitment rules. We find that fiscal consolidation based on the rules improves social welfare. Moreover, the improvement in welfare accelerates as fiscal consolidation progresses more rapidly. Last, we also discuss and derive the optimal long-run debt-to-GDP ratio.