Growth, Debt and Public Infrastructure
AbstractThis paper presents a closed economy model of endogenous growth driven by capital externalities arising from both private capital and public infrastructure. The model is calibrated to fit data for India, an approximately closed economy. Simulations suggest that fiscal policy certainly matters and the choice of the income taxation rate, the mix of government spending between infrastructure and public consumption goods. and the long-run government debt/GDP ratio can all significantly affect the long-run growth rate. Intertemporal aspects of fiscal policy are also important and the precommitment (time-inconsistent) and non-precommitment policies differ substantially. Copyright 1995 by Kluwer Academic Publishers
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Bibliographic InfoArticle provided by Springer in its journal Economics of Planning.
Volume (Year): 28 (1995)
Issue (Month): 2-3 ()
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Web page: http://www.springerlink.com/link.asp?id=113294
Other versions of this item:
- Thomas Krichel & Paul Levine, 1994. "Growth, Debt and Public Infrastructure," School of Economics Discussion Papers, School of Economics, University of Surrey 9404, School of Economics, University of Surrey.
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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