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Why Has Government Debt Increased?

In: Debt, Democracy and the Welfare State: Are Modern Democracies Living on Borrowed Time and Money?

Author

Listed:
  • Rögnvaldur Hannesson

    (Norwegian School of Economics)

Abstract

Government debt rises because expenditures exceed revenues. Expenditures are the result of government consumption and transfers. In this chapter the development of public expenditure and consumption in the traditional OECD countries in the postwar period is traced. Also shown is the annual growth rate of GDP. In most countries the growth rate was higher before the mid-1970s than later, which facilitated growth in public expenditures. In most countries public consumption has grown more slowly since the mid-1970s. Countries with the highest government debt are typically not those with the highest GDP per capita, nor the ones with the largest government expenditures or consumption.

Suggested Citation

  • Rögnvaldur Hannesson, 2015. "Why Has Government Debt Increased?," Palgrave Macmillan Books, in: Debt, Democracy and the Welfare State: Are Modern Democracies Living on Borrowed Time and Money?, chapter 2, pages 15-29, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-53200-8_2
    DOI: 10.1057/9781137532008_2
    as

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