Public Debt, Human Capital Formation, and Dynamic Inefficiency
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
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Saint-Paul, G., 1991.
"Fiscal Policy In An Endogenous Growth Model,"
DELTA Working Papers
91-04, DELTA (Ecole normale supérieure).
- Noriyuki Yanagawa & Gene M. Grossman, 1992.
"Asset Bubbles and Endogenous Growth,"
NBER Working Papers
4004, National Bureau of Economic Research, Inc.
- 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.
- Romer, Paul M, 1986.
"Increasing Returns and Long-run Growth,"
Journal of Political Economy,
University of Chicago Press, vol. 94(5), pages 1002-37, October.
- Boldrin, Michele, 1992. "Dynamic externalities, multiple equilibria, and growth," Journal of Economic Theory, Elsevier, vol. 58(2), pages 198-218, December.
- Larry E. Jones & Rodolfo E. Manuelli, 1990.
"Finite Lifetimes and Growth,"
NBER Working Papers
3469, National Bureau of Economic Research, Inc.
- Azariadis, Costas & Drazen, Allan, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 501-26, May.
- Berthold U. Wigger, 2000.
"Pareto-improving intergenerational transfers,"
CSEF Working Papers
37, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- 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.
- Kemnitz, Alexander & Wigger, Berthold U., 2000. "Growth and social security: the role of human capital," European Journal of Political Economy, Elsevier, vol. 16(4), pages 673-683, November.
- 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.
- L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
- Tirole, Jean, 1985. "Asset Bubbles and Overlapping Generations," Econometrica, Econometric Society, vol. 53(6), pages 1499-1528, November.
When requesting a correction, please mention this item's handle: RePEc:kap:itaxpf:v:12:y:2005:i:1:p:47-59. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn)or (Christopher F. Baum)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.