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Sustainability of Public Debt

In: Public Debt and Economic Growth

Author

Listed:
  • Alfred Greiner

    (Bielefeld University)

  • Bettina Fincke

    (Bielefeld University)

Abstract

This chapter derives conditions that characterize a sustainable path of public debt and points out the relationship between the primary surplus and a change in public that make a given path of public debt sustainable. Further, it is shown that a positive reaction of the primary surplus to higher debt does not guarantee that public debt relative to GDP remains bounded that, however, is necessary for sustainability in the long-run. Therefore, in case of rising debt to GDP ratios additional tests should be resorted to in order to detect whether a given debt policy is sustainable. The chapter, then, applies the proposed tests to both developed and developing countries.

Suggested Citation

  • Alfred Greiner & Bettina Fincke, 2009. "Sustainability of Public Debt," Dynamic Modeling and Econometrics in Economics and Finance, in: Public Debt and Economic Growth, chapter 0, pages 5-69, Springer.
    • Handle: RePEc:spr:dymchp:978-3-642-01745-2_2
    DOI: 10.1007/978-3-642-01745-2_2
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    Cited by:

    1. Nguyen Van Bon, 2015. "The relationship between public debt and inflation in developing countries: Empirical evidence based on difference panel GMM," Asian Journal of Empirical Research, Asian Economic and Social Society, vol. 5(9), pages 128-142, September.

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