Public Debt, Sustainability and Economic Growth Theory and Empirics
Public debt has become a severe problem for a great many economies. While the effects of tax policies on the allocation of resources are readily derived, the mechanisms that make public deficits and debt influence the economy are not so easily understood
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blic Debt, Sustainability and Economic Growth Theory and Empirics
Public Debt, Sustainability and Economic Growth
Alfred Greiner • Bettina Fincke
Public Debt, Sustainability and Economic Growth Theory and Empirics
123
Alfred Greiner Faculty of Economics Bielefeld University Bielefeld Germany
Bettina Fincke Faculty of Economics Bielefeld University Bielefeld Germany
ISBN 978-3-319-09347-5 ISBN 978-3-319-09348-2 (eBook) DOI 10.1007/978-3-319-09348-2 Springer Cham Heidelberg New York Dordrecht London Library of Congress Control Number: 2014952604 © Springer International Publishing Switzerland 2015 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Preface
The financial crises that had begun as a sub-prime crisis in the USA in 2007 had plunged a great many economies throughout the world into deep economic recessions. It seemed that the slump had been overcome by 2010 when some countries reached their pre-crisis level of production. However, the sub-prime crisis turned into a public debt crisis because the bail-out of private financial institutions by governments led to a drastic increase of national debt to GDP ratios in some countries. Particularly in the euro area, economies still face severe problems and must be supported by other countries. This illustrates
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