Partially sighted persons and the public debt elephant
AbstractRecent data on the accumulation patterns of public debt across OECD countries suggests a synthesis is possible between the theoretical and empirical approaches to public debt and also between the traditional and more recent political economy explanations of public debt accumulation. The inductive approach of recent political economy explanations is combined with the intertemporal constraints highlighted in the Ricardian–Barro theory to present a reinterpretation of cross-country debt accumulations patterns. Like the elephant in the blind men and the elephant fable, the conclusion is glaringly obvious. Formal and informal budgetary constraints matter. Copyright Springer Science + Business Media, LLC 2006
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Bibliographic InfoArticle provided by Springer in its journal Constitutional Political Economy.
Volume (Year): 17 (2006)
Issue (Month): 4 (December)
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Web page: http://www.springerlink.com/link.asp?id=102866
Public debt; Budgetary rules; Political economy; H6; B2;
Find related papers by JEL classification:
- H6 - Public Economics - - National Budget, Deficit, and Debt
- B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
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