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Debt financing of public investment: On a popular misinterpretation of "the golden rule of public sector borrowing"

  • Kellermann, Kersten
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    Article provided by Elsevier in its journal European Journal of Political Economy.

    Volume (Year): 23 (2007)
    Issue (Month): 4 (December)
    Pages: 1088-1104

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    Handle: RePEc:eee:poleco:v:23:y:2007:i:4:p:1088-1104
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    1. Kersten Kellermann, 2006. "A Note on Intertemporal Fiscal Competition and Redistribution," International Tax and Public Finance, Springer, vol. 13(2), pages 151-161, May.
    2. Poterba, James M., 1995. "Capital budgets, borrowing rules, and state capital spending," Journal of Public Economics, Elsevier, vol. 56(2), pages 165-187, February.
    3. Sandmo, Agnar & Dreze, Jacques H, 1971. "Discount Rates for Public Investment in Closed and Open Economies," Economica, London School of Economics and Political Science, vol. 38(152), pages 395-412, November.
    4. Marchand, Maurice & Pestieau, Pierre, 1984. "Discount rates and shadow prices for public investment," Journal of Public Economics, Elsevier, vol. 24(2), pages 153-169, July.
    5. Wyplosz, Charles, 1997. "EMU: Why and How It Might Happen," CEPR Discussion Papers 1685, C.E.P.R. Discussion Papers.
    6. Romp, Ward & de Haan, Jakob, 2005. "Public capital and economic growth: a critical survey," EIB Papers 2/2005, European Investment Bank, Economics Department.
    7. Marc Robinson, 1998. "Measuring compliance with the Golden Rule," Fiscal Studies, Institute for Fiscal Studies, vol. 19(4), pages 447-462, November.
    8. Heinemann, Friedrich, 2002. "Factor Mobility, Government Debt and the Decline in Public Investment," ZEW Discussion Papers 02-19, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    9. Jeremy J. Siegel & Richard H. Thaler, 1997. "Anomalies: The Equity Premium Puzzle," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 191-200, Winter.
    10. Robert A. J. Dur & Ben D. Peletier & Otto H. Swank, 1999. "Voting on the Budget Deficit: Comment," American Economic Review, American Economic Association, vol. 89(5), pages 1377-1381, December.
    11. Gramlich, Edward M, 1994. "Infrastructure Investment: A Review Essay," Journal of Economic Literature, American Economic Association, vol. 32(3), pages 1176-96, September.
    12. George Kopits, 2001. "Fiscal Rules: Useful Policy Framework or Unnecessary Ornament?," IMF Working Papers 01/145, International Monetary Fund.
    13. Weingast, Barry R & Shepsle, Kenneth A & Johnsen, Christopher, 1981. "The Political Economy of Benefits and Costs: A Neoclassical Approach to Distributive Politics," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 642-64, August.
    14. Cukierman, Alex & Meltzer, Allan H, 1986. "A Positive Theory of Discretionary Policy, the Cost of Democratic Government and the Benefits of a Constitution," Economic Inquiry, Western Economic Association International, vol. 24(3), pages 367-88, July.
    15. Feehan, James P, 1989. "Pareto-Efficiency with Three Varieties of Public Input," Public Finance = Finances publiques, , vol. 44(2), pages 237-48.
    16. Yakita, Akira, 1994. "Public investment criterion with distorted capital markets in an overlapping generations economy," Journal of Macroeconomics, Elsevier, vol. 16(4), pages 715-728.
    17. Kato, Ryuta Ray, 2002. "Government Deficit, Public Investment, and Public Capital in the Transition to an Aging Japan," Journal of the Japanese and International Economies, Elsevier, vol. 16(4), pages 462-491, December.
    18. César Calderón & William Easterly & Luis Servén, 2002. "Infrastructure Compression and Public Sector Solvency in Latin America," Working Papers Central Bank of Chile 187, Central Bank of Chile.
    19. Kersten Kellermann, 2004. "Finanzierungsformen und Opportunitätskosten öffentlicher Investitionen," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 224(4), pages 471-487, July.
    20. George Kopits & Steven A. Symansky, 1998. "Fiscal Policy Rules," IMF Occasional Papers 162, International Monetary Fund.
    21. Shawn Ni & Xinghe Wang, 1995. "Balanced Government Budgets versus Deficit Finance in a Growth Economy," Canadian Journal of Economics, Canadian Economics Association, vol. 28(4b), pages 1120-34, November.
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