Hakhu, A. Bhatt; Sardoni, Claudio - In: European Journal of Economics and Economic Policies: … 18 (2021) 1, pp. 77-101
debt to GDP. The authors show that a composition of public spending that favors productive expenditures, that is, those … public debt to GDP is stable, even though the government runs primary deficits. We test our theoretical results by … the public-debt ratio are contingent on having a public sector that favors productive expenditures. …