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This book develops a theoretical framework to explain the relationship between public borrowing and economic growth and concentrates on four economic variables: public debt level, borrowing cost, public investment in infrastructure and economic growth. A simultaneous model is built and analyzed using different estimation methods so as to capture the relationship between the main dependent variables of interest, while controlling for the dynamics between other endogenous variables. The results show that public borrowing impacts state and local economic growth in a quadratic manner. When the...