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Public Debt and Price Stability Carl Christian von Weizs€acker Max Planck Institute for Research on Collective Goods Abstract. Modernized Austrian capital theory implies: in capital market equilibrium without public debt the average period of production equals the average waiting period of households. In the twenty-first century and for the OECD plus China area, demo- graphic and production parameters are such that capital market equilibrium implies a negative real rate of interest. Price stability implies a non-negative real rate of interest. Prosperity requires

The B.E. Journal of Macroeconomics Topics Volume 11, Issue 1 2011 Article 34 Alternative Perspectives on Optimal Public Debt Adjustment Michal Horvath∗ ∗University of Oxford, Recommended Citation Michal Horvath (2011) “Alternative Perspectives on Optimal Public Debt Adjustment,” The B.E. Journal of Macroeconomics: Vol. 11: Iss. 1 (Topics), Article 34. Copyright c©2011 De Gruyter. All rights reserved. Alternative Perspectives on Optimal Public Debt Adjustment∗ Michal Horvath Abstract We compare alternative optimal public debt

difficult quest for an answer to low growth dilemma in Turkey: The channel of debt and productivity, International Journal of Economic Perspectives, 6 (4), 93-111 Barro R.J. (1979) On the determination of the public debt, Journal of Political Economy, 87 (5), 940-971 Barro R.J. (1990) Government spending in a simple model of endogenous growth, Journal of Political Economy, 98 (5), 103-125 Baum A., Checherita-Westphal C., Rother P. (2013) Debt and growth: New evidence for the Euro Area, Journal of International Money and Finance, 32 (C), 809-821 Chenery H.B., Strout A

References Barro, R.J. 1999. Notes on Optimal Debt Management. Journal of Applied Economics 2(2), pp. 281-289. Carracedo, M.F., and Dattels Peter, 1997. Survey of Public Debt Management Frameworks in Selected Countries. In Sundararajan V., P. Dattels, H.J. Blommestein H.J. (ed.). Coordinating Public Debt and Monetary Management . Washington D.C.: International Monetary Fund: 96-162. Cassard, M., and D. Folkerts-Landau. 1997. Risk Management of Sovereign Assets and Liabilities. IMF Working Paper No. 166 . Wachington D.C.: International Monetary Fund. Dolenc, P

Growth, Federal Reserve Bank of Richmond Economic Quarterly , Vol. 79, No. 4, p. 19-33 Devarajan, S., Swaroop, V., and Zou, H. (1996), The composition of public expenditure and economic growth, Journal of Monetary Economics, No.37, p. 313-344 European Commission (2016), 2016 Economic Reform Programme of Kosovo, Institutional Paper, No. 028, p. 1-23 Égert, Balázs (2012). Public Debt, Economic Growth and Nonlinear Effects: Myth or Reality?, OECD Working Papers, No. 993, p. 1-35 Ejigayehu, Dereje Abera (2013). The Effect of External Debt on Economic Growth

References Albania Public Finance Management Strategy 2014-2020, Ministry of Finance, Republic of Albania, downloaded from: , accessed: November 3, 2018 Annual report, Government Debt Agency (AKK) of Hungary, various editions, downloaded from: , accessed: October 22, 2018 Amendments to the Law on Public Debt, downloaded from:

The Making of a Modern Debt State

1 Interdependence in military spending and public debt Interdependence in military spending between countries is a fact. Since the seminal paper by Smith (1980) a copious literature had shown that military spending of allies and neighbours are interdependent (see among others Murdoch and Sandler [1984], Sandler and Murdoch [1990], Dunne and Freeman [2003]). More recently, Caruso and Di Domizio (2015) have studied the interdependence of military spending between US and a panel of European countries in the period 1988–2013, finding that military spending of

References Aldrich W.W. (1949), The Management of the Public Debt, „Journal of Finance”, vol. 4, issue 1. Benigno P., Missale A. (2004), High public debt in currency crises: fundamentals versus signaling effects, “Journal of International Money and Finance”, vol. 23, issue 2. Dębski W. (1997), Akcje, obligacje i ich wycena, Absolwent, Łódź. Dooley M.P. (2000), Debt management and crisis in developing countries, “Journal of Development Economics”, vol. 63, issue 1. Easterly W.R. (2001), Growth Implosions and Debt Explosions: Do Growth Slowdowns Cause Public Debt

References Albu, L.-L. (2002): “Sustainability Function”, Romanian Jornal for Economic Forecasting , 2, 5-14. Albu, L.-L. (2008): “A Simulation model of public debt sustainability, MPRA Paper 11713, University Library of Munich, Germany. Barro, R. (1988): “The Ricardian Approach to Budget Deficits”, NBER, Working Paper , no. 2685. Blanchard, O. J. (1990): “Suggestion for a New Set of Fiscal Indicators”, OECD Working Paper , 79. Coricelli, F. (1997): “Fiscal Policy a Long Term View”, Economic Policy Initiative , 3, Forum Report of the Economic Policy