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The economics of budget deficits and public debt
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Autores
Orientador(es)
Resumo(s)
The relationship between the Central Bank and the Treasury, concerning deficit financing, may be seen as a game where the two players only arrive to the best common outcome if they cooperate. Long-run debt arithmetic's unpleasantness relies crucially on the eventuality that real interest rate exceeds real economic growth. This paper offers some known theoretical considerations on these topics. Results concerning the key hypothesis of the long-run arithmetic's for the Portuguese reality, for the period 1974-1996, are also presented, showing the existence of an explosive public debt difference equation from 1992 to 1996
Descrição
Palavras-chave
Public Debt Central Bank Financing Deficit
Contexto Educativo
Citação
Afonso, António. 1997. " The economics of budget deficits and public debt". Instituto Superior de Economia e Gestão - DE Working papers nº 5-1997/DE
Editora
ISEG - Departamento de Economia