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Debt financing of public investment: On a popular misinterpretation of "the golden rule of public sector borrowing"

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  • Kellermann, Kersten
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    Article provided by Elsevier in its journal European Journal of Political Economy.

    Volume (Year): 23 (2007)
    Issue (Month): 4 (December)
    Pages: 1088-1104

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    Handle: RePEc:eee:poleco:v:23:y:2007:i:4:p:1088-1104

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    Web page: http://www.elsevier.com/locate/inca/505544

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Heinemann, Friedrich, 2002. "Factor Mobility, Government Debt and the Decline in Public Investment," ZEW Discussion Papers 02-19, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    2. George Kopits & Steven A. Symansky, 1998. "Fiscal Policy Rules," IMF Occasional Papers 162, International Monetary Fund.
    3. James Poterba, 1992. "Capital Budgets, Borrowing Rules, and State Capital Spending," NBER Working Papers 4235, National Bureau of Economic Research, Inc.
    4. Romp, Ward & de Haan, Jakob, 2005. "Public capital and economic growth: a critical survey," EIB Papers 2/2005, European Investment Bank, Economics Department.
    5. Charles Wyplosz, 1997. "EMU: Why and How It Might Happen," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 3-21, Fall.
    6. George Kopits, 2001. "Fiscal Rules," IMF Working Papers 01/145, International Monetary Fund.
    7. Marchand, Maurice & Pestieau, Pierre, 1984. "Discount rates and shadow prices for public investment," Journal of Public Economics, Elsevier, vol. 24(2), pages 153-169, July.
    8. Gramlich, Edward M, 1994. "Infrastructure Investment: A Review Essay," Journal of Economic Literature, American Economic Association, vol. 32(3), pages 1176-96, September.
    9. Jeremy J. Siegel & Richard H. Thaler, 1997. "Anomalies: The Equity Premium Puzzle," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 191-200, Winter.
    10. Sandmo, Agnar & Dreze, Jacques H, 1971. "Discount Rates for Public Investment in Closed and Open Economies," Economica, London School of Economics and Political Science, vol. 38(152), pages 395-412, November.
    11. César Calderón & William Easterly & Luis Servén, 2002. "Infrastructure Compression and Public Sector Solvency in Latin America," Working Papers Central Bank of Chile 187, Central Bank of Chile.
    12. Kersten Kellermann, 2006. "A Note on Intertemporal Fiscal Competition and Redistribution," International Tax and Public Finance, Springer, vol. 13(2), pages 151-161, May.
    13. Kersten Kellermann, 2004. "Finanzierungsformen und Opportunitätskosten öffentlicher Investitionen," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 224(4), pages 471-487, July.
    14. Marc Robinson, 1998. "Measuring compliance with the Golden Rule," Fiscal Studies, Institute for Fiscal Studies, vol. 19(4), pages 447-462, November.
    15. Feehan, James P, 1989. "Pareto-Efficiency with Three Varieties of Public Input," Public Finance = Finances publiques, , vol. 44(2), pages 237-48.
    16. Robert A. J. Dur & Ben D. Peletier & Otto H. Swank, 1999. "Voting on the Budget Deficit: Comment," American Economic Review, American Economic Association, vol. 89(5), pages 1377-1381, December.
    17. Kato, Ryuta Ray, 2002. "Government Deficit, Public Investment, and Public Capital in the Transition to an Aging Japan," Journal of the Japanese and International Economies, Elsevier, vol. 16(4), pages 462-491, December.
    18. Yakita, Akira, 1994. "Public investment criterion with distorted capital markets in an overlapping generations economy," Journal of Macroeconomics, Elsevier, vol. 16(4), pages 715-728.
    19. Shawn Ni & Xinghe Wang, 1995. "Balanced Government Budgets versus Deficit Finance in a Growth Economy," Canadian Journal of Economics, Canadian Economics Association, vol. 28(4b), pages 1120-34, November.
    20. Weingast, Barry R & Shepsle, Kenneth A & Johnsen, Christopher, 1981. "The Political Economy of Benefits and Costs: A Neoclassical Approach to Distributive Politics," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 642-64, August.
    21. Cukierman, Alex & Meltzer, Allan H, 1986. "A Positive Theory of Discretionary Policy, the Cost of Democratic Government and the Benefits of a Constitution," Economic Inquiry, Western Economic Association International, vol. 24(3), pages 367-88, July.
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    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Rogoff the liar and Reinhart the idiot.
      by Ralph Musgrave in Ralphonomics on 2013-05-03 08:45:00
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    Cited by:
    1. Andreas Kappeler & Albert Solé-Ollé & Andreas Stephan & Timo Välilä, 2012. "Does fiscal decentralization foster regional investment in productive infrastructure?," ERSA conference papers ersa12p60, European Regional Science Association.
    2. Branimir Markovic & Bozica Dunkovic & Dinko Jukic, 2009. "Public Investments and Borrowing: New Challenges for the Local Governmetns in Eastern Croatia," Interdisciplinary Management Research, Faculty of Economics in Osijek, Croatia, vol. 5, pages 497-508.

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