Staatsverschuldung in einer Föderation - Wachstum und Stabilität
AbstractIn this paper a neoclassical growth model is used to analyze public debt in a growing economy with two levels of government. The main focus is on the existence and the stability of long run cquilibria in a growing federal state. It is shown that the equilibrium in a federation with two levels of government is more likely to be unstable than the equilibrium in a centralized state. Moreover, if the saving rate is below the golden rule, the equilibrium will be unambiguously unstable. In order to avoid instability, sufficient flexibility at all levels of government in federations and confederations such as the European union is required. Public debt, fiscal federalism, growth, stability.
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Bibliographic InfoArticle provided by Justus-Liebig University Giessen, Department of Statistics and Economics in its journal Journal of Economics and Statistics.
Volume (Year): 220 (2000)
Issue (Month): 1 ()
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Public dept; fiscal federalism; growth; stability;
Find related papers by JEL classification:
- E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
- H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
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