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Equivalence in the internal and external public debt burden

Author

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  • Philippe Darreau

    (LAPE - Laboratoire d'Analyse et de Prospective Economique - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges)

  • François Pigalle

    (LAPE - Laboratoire d'Analyse et de Prospective Economique - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges)

Abstract

Whether public debt is internal or external, the burden is equivalent in the OLG model. This equivalence holds, regardless of whether the definition of burden reflects Modigliani's view or Lerner's perspective. It results from the assumption of perfect substitutability between public debt and productive capital.

Suggested Citation

  • Philippe Darreau & François Pigalle, 2013. "Equivalence in the internal and external public debt burden," Post-Print hal-01076343, HAL.
    • Handle: RePEc:hal:journl:hal-01076343
    Note: View the original document on HAL open archive server: https://hal.science/hal-01076343
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    Cited by:

    1. KPEMOUA, Palakiyèm, 2016. "La Dette Exterieure Handicape T’Elle La Croissance Economique Du Togo ? [Is External Debt A Brake On Togo’S Economic Growth?]," MPRA Paper 77403, University Library of Munich, Germany, revised 09 Jan 2017.

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