Solutions for Developed Economies
نویسنده
چکیده
The negative effects of a high level of government debt are now generally acknowledged. The extensive borrowing of past years has enlarged the share of interest payments in government spending, thus restricting the scope for future fiscal policy action. There is very little prospect of being able to initiate economic recovery by way of expansive fiscal policy. High deficits and rising debt ratios may trigger crowding out induced by interest rates or expectations with an adverse effect on private real capital formation, so that the future national product available for distribution could turn out to be smaller.2
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