Un excès de dette publique handicape-t-il réellement la croissance ?
While most economists accept the desirability of expansion of deficits over the short term there are a number of theoretical arguments that lead to the conclusion that higher government debt ratios might depress growth or lead to national insolvency. These have been further ?strengthened? through empirical research conducted by Carmen Reinhart and Kenneth Rogoff. In this paper we critically examine their work. We distinguish between a nation that operates with its own floating exchange rate and nonconvertible currency, and a nation that does not. We argue that Reinhart and Rogoff ?s results are not relevant to the case of a nation with sovereign currency. JEL Classifications codes: E60, E61, E62, E64, E69, E31, E32, O40.
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- Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
- L. Randall Wray, 2009. "The rise and fall of money manager capitalism: a Minskian approach," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 807-828, July.
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