This paper studies some models in which the “engine of growth” is public debt and capital accumulation. Public debt is assumed to be driven by domestic debt and external debt. The study shows that debt will support economic growth if the initial level of productivity is greater than the cost of investment. In an economy with and without the loss of capital, the article shows the existence of a unique optimal share of investment in physical and human capital and/or new technology. Moreover, if the productivity of the first period is lower than that of a defined threshold value then there exists an optimal level of debt. In addition, if the productivity of the first period is greater than or equal to a defined threshold value, the bigger the debt, the better economies become. Furthermore, this study shows that in an economy with capital loss there is a hidden overhead equivalent to an artificially-augmented interest rate.

中文翻译：

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公共债务对资本损失的经济增长的作用

本文研究了一些“增长引擎”是公共债务和资本积累的模型。假设公共债务由内债和外债驱动。研究表明，如果初始生产力水平高于投资成本，债务将支持经济增长。在有和没有资本损失的经济体中，本文显示了对物质和人力资本和/或新技术的独特最佳投资份额的存在。此外，如果第一阶段的生产率低于定义的阈值，则存在最佳债务水平。此外，如果第一时期的生产力大于或等于一个定义的阈值，则债务越大，经济就越好。此外，