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Public Debt, Human Capital Formation, and Dynamic Inefficiency

  • Berthold Wigger

    ()

The present paper considers public debt in an economy where human capital formation sustains long-run per capita income growth. It shows that contrary to what has been obtained in other types of endogenous growth economies public debt may benefit current and future generations by removing dynamic inefficiency. Copyright Springer Science + Business Media, Inc. 2005

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File URL: http://hdl.handle.net/10.1007/s10797-005-6394-0
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Article provided by Springer in its journal International Tax and Public Finance.

Volume (Year): 12 (2005)
Issue (Month): 1 (January)
Pages: 47-59

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Handle: RePEc:kap:itaxpf:v:12:y:2005:i:1:p:47-59
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=102915

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  1. Grossman, G.M. & Yanagawa, N., 1992. "Asset Bubbles and Endogenous Growth," Papers 160, Princeton, Woodrow Wilson School - Public and International Affairs.
  2. Berthold U. Wigger, 2000. "Pareto-improving intergenerational transfers," CSEF Working Papers 37, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  3. Alexander Kemnitz & Berthold U. Wigger, 2000. "Growth and Social Security: The Role of Human Capital," CSEF Working Papers 33, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  4. Chamley, Christophe, 1992. "The last shall be first: Efficient constraints on foreign borrowing in a model of endogenous growth," Journal of Economic Theory, Elsevier, vol. 58(2), pages 335-354, December.
  5. Saint-Paul, Gilles, 1992. "Fiscal Policy in an Endogenous Growth Model," The Quarterly Journal of Economics, MIT Press, vol. 107(4), pages 1243-59, November.
  6. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
  7. Jones, Larry E. & Manuelli, Rodolfo E., 1992. "Finite lifetimes and growth," Journal of Economic Theory, Elsevier, vol. 58(2), pages 171-197, December.
  8. Galor, Oded & Ryder, Harl E., 1991. "Dynamic efficiency of steady-state equilibria in an overlapping-generations model with productive capital," Economics Letters, Elsevier, vol. 35(4), pages 385-390, April.
  9. Tirole, Jean, 1985. "Asset Bubbles and Overlapping Generations," Econometrica, Econometric Society, vol. 53(6), pages 1499-1528, November.
  10. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  11. Boldrin, Michele, 1992. "Dynamic externalities, multiple equilibria, and growth," Journal of Economic Theory, Elsevier, vol. 58(2), pages 198-218, December.
  12. Azariadis, Costas & Drazen, Allan, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 501-26, May.
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