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Un excès de dette publique handicape-t-il réellement la croissance ?

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Author Info

  • Yeva S. Nersisyan
  • L. Randall Wray

Abstract

While most economists accept the desirability of expansion of deficits over the short term there are a number of theoretical arguments that lead to the conclusion that higher government debt ratios might depress growth or lead to national insolvency. These have been further ?strengthened? through empirical research conducted by Carmen Reinhart and Kenneth Rogoff. In this paper we critically examine their work. We distinguish between a nation that operates with its own floating exchange rate and nonconvertible currency, and a nation that does not. We argue that Reinhart and Rogoff ?s results are not relevant to the case of a nation with sovereign currency. JEL Classifications codes: E60, E61, E62, E64, E69, E31, E32, O40.

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Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): n° 116 (2011)
Issue (Month): 1 ()
Pages: 173-190

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Handle: RePEc:cai:reofsp:reof_116_0173

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Web page: http://www.cairn.info/revue-de-l-ofce.htm

Related research

Keywords: government debt; government deficit; sovereign default; Reinhart and Rogoff; modern money;

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Cited by:
  1. Henri Sterdyniak & Catherine Mathieu, 2012. "Faut-il des règles de politiques budgétaires ?," Sciences Po publications info:hdl:2441/eo6779thqgm, Sciences Po.
  2. André Grjebine, 2013. "L’Eurosystème: un mécanisme de transferts en faveur des pays déficitaires ? Le débat," Sciences Po publications info:hdl:2441/eo6779thqgm, Sciences Po.
  3. Priscilla Bony, 2012. "Efficacité des politiques de sortie de crise dans la zone euro : l'exemple français," Post-Print dumas-00834841, HAL.

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