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Croissance et capital public dans une économie d'endettement

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  • Bruno Amable
  • Jean-Bernard Chatelain

Abstract

[fre] Abstracts. GROWTH AND PUBLIC CAPITAL IN "DEBT-OBERHANG" ECONOMIES. bruno amable, jean-bernard chatelain. The consequences of a possible credit rationing are considered in an endogenous growth model. When the financial constraint is binding, the rate of growth is determined by the rate of growth of internal finance inside the firm, which is limited by debt services. This limit to investment has important consequences on the finance and level of public infras­tructure. The private productivity is increased by public infrastructures, which suffer from congestion effects. Public infrastructure are financed by a tax on firms income. We show the existence of growth maximising tax rate in a closed and an open economy.. JEL Classification : Ol, E4, E6.. FINANCING OF INVESTMENT AND GROWTH patrick artus. We compare the effects on growth of different ways of financing investment (debt or equity of various organizations of credit markets (perfect competition, monopoly), of the presence of bankruptcy risks and costs (which imply a possible credit rationing).. JEL Classification : O4, E4.. THE ROLE OF THE PUBLIC PENSION SYSTEM IN A MODEL OF OPTIMAL GROWTH WITH OVERLAPPING GENERATIONS. laurent augier, thierry chauveau, claire loupias. Few studies have dealt with optimal growth with uncertain environment and the role of a public pension scheme in optimal growth has not generally been considered. In this paper, we use an overlapping generations model in order to answer the following question : does an optimal rate of contribution exist, i.e a contribution rate maximizing. 501. Revue économique — vol. 48, n° 2, mars 1995, p. 501-506. [eng] Growth and public capital in "debt-oberhang" economies. . The consequences of a possible credit rationing are considered in an endogenous growth model. When the financial constraint is binding, the rate of growth is determined by the rate of growth of internal finance inside the firm, which is limited by debt services. This limit to investment has important consequences on the finance and level of public infrastructure. The private productivity is increased by public infrastructures, which suffer from congestion effects. Public infrastructure are financed by a tax on firms income. We show the existence of growth maximising tax rate in a closed and an open economy.

Suggested Citation

  • Bruno Amable & Jean-Bernard Chatelain, 1995. "Croissance et capital public dans une économie d'endettement," Revue Économique, Programme National Persée, vol. 46(2), pages 157-167.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1995_num_46_2_409637
    DOI: 10.3406/reco.1995.409637
    Note: DOI:10.3406/reco.1995.409637
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    References listed on IDEAS

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    1. Valerie R. Bencivenga & Bruce D. Smith, 1991. "Financial Intermediation and Endogenous Growth," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 195-209.
    2. Mayer, Colin, 1988. "New issues in corporate finance," European Economic Review, Elsevier, vol. 32(5), pages 1167-1183, June.
    3. Saint-Paul, Gilles, 1992. "Technological choice, financial markets and economic development," European Economic Review, Elsevier, vol. 36(4), pages 763-781, May.
    4. Barro, Robert J, 1990. "Government Spending in a Simple Model of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 103-126, October.
    5. Rebelo, Sergio, 1991. "Long-Run Policy Analysis and Long-Run Growth," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 500-521, June.
    6. Bencivenga, Valerie R. & Smith, Bruce D., 1993. "Some consequences of credit rationing in an endogenous growth model," Journal of Economic Dynamics and Control, Elsevier, vol. 17(1-2), pages 97-122.
    7. Robert J. Barro & Xavier Sala-I-Martin, 1992. "Public Finance in Models of Economic Growth," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 59(4), pages 645-661.
    8. Bruno Amable & Jean-Bernard Chatelain, 1995. "Systèmes financiers et croissance : les effets du "court-termisme"," Revue Économique, Programme National Persée, vol. 46(3), pages 827-836.
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    More about this item

    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates

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