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When does public debt impair economic growth? A literature review in search of a theory

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  • Roberto Tamborini
  • Matteo Tomaselli

Abstract

Beyond inconclusive empirical research, this paper examines the theoretical literature concerning public debt and economic growth finding no univocal and straightforward answer. No meaningful assessment of debt and its effect on growth at any point in time is possible without reference to the whole debt trajectory and the specific state of the economy along the trajectory. An orderly and consistent analysis may be developed along two coordinates of debt assessment: sustainability/ unsustainability, and efficiency/inefficiency. In our view, research should concentrate on the study of specific conditions and cases, and abandon the pursuit of a general law.

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  • Roberto Tamborini & Matteo Tomaselli, 2020. "When does public debt impair economic growth? A literature review in search of a theory," DEM Working Papers 2020/7, Department of Economics and Management.
    • Handle: RePEc:trn:utwprg:2020/7
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    More about this item

    Keywords

    Public debt; Debt burden; Debt sustainability; Economic growth; Endogenous growth models;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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