English, Article, Journal or magazine article edition: National Debt Sustainability and the Dynamics in the Economy of Diamond de la Croix, David; Michel, Philippe

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Bookmark: http://trove.nla.gov.au/version/4079
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • National Debt Sustainability and the Dynamics in the Economy of Diamond
Author
  • de la Croix, David
  • Michel, Philippe
Physical Description
  • preprint
Notes
  • We analyze the effect of a constant debt policy on capital accumulation and provide an in-depth treatment of the dynamics in the economy of Diamond. We derive the conditions for avoiding a debt crisis in both the short-run and the long-run and provide geometrical tools to analyze the issue of sustainability. There is always a level of debt ensuring that any level of capital between 0 and an upper limit, and in particular the Golden rule equilibrium, exists as a steady-state equilibrium, yet it is not necessarily stable. We also discuss poverty trap issues.
  • debt; sustainability; over-accumulation; Golden rule; poverty trap
  • RePEc:ctl:louvir:1999015
Language
  • English
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