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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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    File URL: http://www.sciencedirect.com/science/article/B6V97-4K7NHCT-1/2/c56ef74fa9694ad51af1aed465c8c2b3
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    Bibliographic Info

    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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    1. Feehan, James P, 1989. "Pareto-Efficiency with Three Varieties of Public Input," Public Finance = Finances publiques, , vol. 44(2), pages 237-48.
    2. Marc Robinson, 1998. "Measuring compliance with the Golden Rule," Fiscal Studies, Institute for Fiscal Studies, vol. 19(4), pages 447-462, November.
    3. 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.
    4. Kersten Kellermann, 2006. "A Note on Intertemporal Fiscal Competition and Redistribution," International Tax and Public Finance, Springer, vol. 13(2), pages 151-161, May.
    5. 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.
    6. 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.
    7. 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.
    8. James Poterba, 1992. "Capital Budgets, Borrowing Rules, and State Capital Spending," NBER Working Papers 4235, National Bureau of Economic Research, Inc.
    9. Ward Romp & Jakob de Haan, 2007. "Public Capital and Economic Growth: A Critical Survey," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 8(s1), pages 6-52, 04.
    10. Charles Wyplosz, 1997. "EMU: Why and How It Might Happen," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 3-21, Fall.
    11. 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.
    12. 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.
    13. George Kopits & Steven A. Symansky, 1998. "Fiscal Policy Rules," IMF Occasional Papers 162, International Monetary Fund.
    14. George Kopits, 2001. "Fiscal Rules," IMF Working Papers 01/145, International Monetary Fund.
    15. 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.
    16. Gramlich, Edward M, 1994. "Infrastructure Investment: A Review Essay," Journal of Economic Literature, American Economic Association, vol. 32(3), pages 1176-96, September.
    17. 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.
    18. 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.
    19. 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.
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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. Kappeler, Andreas & Solé-Ollé, Albert & Stephan, Andreas & Välilä, Timo, 2013. "Does fiscal decentralization foster regional investment in productive infrastructure?," European Journal of Political Economy, Elsevier, vol. 31(C), pages 15-25.

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