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This paper studies some models in which the “engine of growth” is public debt and capital accumulation. Public debt is assumed to be driven by domestic debt and external debt. The study shows that debt will support economic growth if the initial level of productivity is greater than the cost of inve...

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Đã lưu trong:
Chi tiết về thư mục
Tác giả chính: Tran, Nhat Thien
Tác giả khác: Nguyễn Thanh Hồng Ân
Định dạng: Journal article
Ngôn ngữ:English
Được phát hành: Wiley 2022
Những chủ đề:
Truy cập trực tuyến:http://scholar.dlu.edu.vn/handle/123456789/1408
Các nhãn: Thêm thẻ
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Thư viện lưu trữ: Thư viện Trường Đại học Đà Lạt
Miêu tả
Tóm tắt:This paper studies some models in which the “engine of growth” is public debt and capital accumulation. Public debt is assumed to be driven by domestic debt and external debt. The study shows that debt will support economic growth if the initial level of productivity is greater than the cost of investment. In an economy with and without the loss of capital, the article shows the existence of a unique optimal share of investment in physical and human capital and/or new technology. Moreover, if the productivity of the first period is lower than that of a defined threshold value then there exists an optimal level of debt. In addition, if the productivity of the first period is greater than or equal to a defined threshold value, the bigger the debt, the better economies become. Furthermore, this study shows that in an economy with capital loss there is a hidden overhead equivalent to an artificially-augmented interest rate.