Dynamic analysis of reductions in public debt in an endogenous growth model with public capital

Maebayashi, Noritaka; Hori, Takeo; Futagami, Koichi

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論文情報

タイトル	Dynamic analysis of reductions in public debt in an endogenous growth model with public capital
著者	Maebayashi, Noritaka Maebayashi, Noritaka
	Hori, Takeo Hori, Takeo
	Futagami, Koichi Futagami, Koichi
キーワード等	Fiscal consolidation
	Debt policy rule
	Public capital
	Welfare
	Endogenous growth
内容	* Revised： [12-08-Rev.2, 2014]
	* Revised： [12-08, 2012]
	* Revised： [12-08-Rev., 2013]
抄録	We construct an endogenous growth model that includes productive public capital and government debt. We assume that the government debt-to-GDP ratio is gradually adjusted to a target level, reflecting the permanent commitment rules in the Stability and Growth Pact or the Maastricht Treaty in the EU (i.e., the well-known 60% rule). These rules affect government borrowing and public investment. Here, we examine the welfare implications of the permanent commitment rules. We find that fiscal consolidation based on the rules improves social welfare. Moreover, the improvement in welfare accelerates as fiscal consolidation progresses more rapidly. Lastly, we also discuss and derive the optimal long-run debt-to-GDP ratio.
公開者	Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University
更新日付	2015-08
掲載誌名	Discussion Papers In Economics And Business
巻	12-08-Rev.3
開始ページ	1
終了ページ	32
刊行年月	2015-08
URL	http://hdl.handle.net/11094/23502
関連情報 (references)	http://www2.econ.osaka-u.ac.jp/library/global/dp/1208R3.pdf
言語	英語
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Discussion Papers In Economics And Business

著者版フラグ	none
NII資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
dcmi資源タイプ	text
DCTERMS.bibliographicCitation	Discussion Papers In Economics And Business.12-08-Rev.3 P.1-P.32
DC.title	Dynamic analysis of reductions in public debt in an endogenous growth model with public capital
DC.creator	Maebayashi, Noritaka
	Hori, Takeo
	Futagami, Koichi
DC.publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University
DC.language" scheme="DCTERMS.RFC1766	英語
DCTERMS.issued" scheme="DCTERMS.W3CDTF	2015-08
DC.identifier" scheme="DCTERMS.URI	http://hdl.handle.net/11094/23502
DC.subject	Fiscal consolidation
	Debt policy rule
	Public capital
	Welfare
	Endogenous growth
DC.description	* Revised： [12-08-Rev.2, 2014]
	* Revised： [12-08, 2012]
	* Revised： [12-08-Rev., 2013]
DCTERMS.abstract	We construct an endogenous growth model that includes productive public capital and government debt. We assume that the government debt-to-GDP ratio is gradually adjusted to a target level, reflecting the permanent commitment rules in the Stability and Growth Pact or the Maastricht Treaty in the EU (i.e., the well-known 60% rule). These rules affect government borrowing and public investment. Here, we examine the welfare implications of the permanent commitment rules. We find that fiscal consolidation based on the rules improves social welfare. Moreover, the improvement in welfare accelerates as fiscal consolidation progresses more rapidly. Lastly, we also discuss and derive the optimal long-run debt-to-GDP ratio.
citation_title	Dynamic analysis of reductions in public debt in an endogenous growth model with public capital
citation_author	Maebayashi, Noritaka
	Hori, Takeo
	Futagami, Koichi
citation_publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University
citation_language	英語
citation_date	2015-08
citation_journal_title	Discussion Papers In Economics And Business
citation_volume	12-08-Rev.3
citation_firstpage	1
citation_lastpage	32
citation_public_url	http://hdl.handle.net/11094/23502
citation_keywords	Fiscal consolidation
	Debt policy rule
	Public capital
	Welfare
	Endogenous growth

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