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Public debt has become a severe problem for a great many economies. The theoretical analysis is complemented with empirical time series analyses on debt sustainability and with panel studies dealing with the relationship between public debt and economic growth.

In economics, the emergence of New Growth Theory in recent decades has directed attention to an old and important problem: what are the forces of economic growth and how can public policy enhance them? This book examines major forces of growth--including spillover effects and externalities, education and formation of human capital, knowledge creation through deliberate research efforts, and public infrastructure investment. Unique in emphasizing the importance of different forces for particular stages of development, it offers wide-ranging policy implications in the process.

The...

Public debt has become a severe problem for a great many economies. While the effects of tax policies on the allocation of resources are readily derived, the mechanisms that make public deficits and debt influence the economy are not so easily understood. This book elaborates on the effects of public debt starting from the intertemporal budget constraint of the government. It is shown under which conditions a government can stick to the intertemporal budget constraint and then, demonstrated how public debt affects the growth process and welfare in market economies. The effects are derived for...

In economics, the emergence of New Growth Theory in recent decades has directed attention to an old and important problem: what are the forces of economic growth and how can public policy enhance them? This book examines major forces of growth--including spillover effects and externalities, education and formation of human capital, knowledge creation through deliberate research efforts, and public infrastructure investment. Unique in emphasizing the importance of different forces for particular stages of development, it offers wide-ranging policy implications in the process.

The...

This book demonstrates how public debt shows feedback effects affecting economic growth and welfare. It gives insights into the sustainability of public debt in developed and developing countries.

Starting point of this book is the observation that an increase in public debt must be accompanied by a rise in the primary surplus of the government to guarantee sustainability of public debt. The book first elaborates on that principle from a theoretical point of view and then tests whether empirical evidence for that rule can be found. Additional tests are implemented to gain further evidence on sustainability of public debt. In order to allow for time varying coefficients penalized spline estimations are performed. The theoretical chapters present endogenous growth models and assume that...

This contributed volume combines approaches of the current inequality debate with aspects of finance based on profound macroeconomic model analyses. With the financial crisis from 2007, not only output decreased tremendously, but also inequality has risen since then.

Recently, the public attention has turned toward the intricate interrelation between economic growth and global warming. This book focuses on this nexus but broadens the framework to study the issue. Growth is seen as global growth, which affects the global environment and climate change. Global growth, in particular high economic growth rates, imply a fast depletion of renewable and non-renewable resources.

Thus this book deals with the impact of the environment and the effect of the exhaustive use of natural resources on economic growth and welfare of market economies as well as the...

Dieses Ubungsbuch ist als Erganzung zu dem Lehrbuch "Volkswirtschaftslehre 1" konzipiert und soll dem Studierenden die Moglichkeit geben, den dort behandelten Lehrstoff zu vertiefen und anzuwenden. Es gliedert sich, dem Lehrbuch folgend, in die drei Teile "Grundlagen," "Mikrookonomik" und "Makrookonomik," zu denen jeweils eine Reihe von Multiple-Choice-Aufgaben gestellt sind. Die Losungen zu allen drei Teilen sind am Ende des Buches gesammelt."