Un excès de dette publique handicape-t-il réellement la croissance ?

Yeva S. Nersisyan and L. Randall Wray

Revue de l'OFCE, 2011, vol. n° 116, issue 1, 173-190

Abstract: While most economists accept the desirability of expansion of deficits over the short term there are a number of theoretical arguments that lead to the conclusion that higher government debt ratios might depress growth or lead to national insolvency. These have been further ?strengthened? through empirical research conducted by Carmen Reinhart and Kenneth Rogoff. In this paper we critically examine their work. We distinguish between a nation that operates with its own floating exchange rate and nonconvertible currency, and a nation that does not. We argue that Reinhart and Rogoff ?s results are not relevant to the case of a nation with sovereign currency. JEL Classifications codes: E60, E61, E62, E64, E69, E31, E32, O40.

Keywords: government debt; government deficit; sovereign default; Reinhart and Rogoff; modern money (search for similar items in EconPapers)
JEL-codes: E31 E32 E60 E61 E62 E64 E69 O40 (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

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