In this paper, our objective is to analyze sustainable debt policy rules and economic growth using a model of endogenous economic growth theory. For the government, it is possible to run into debt, but the primary surplus is a positive linear function of the debt-to-GDP ratio which guarantees that public debt is sustainable. We analyze different sustainable debt policies in this small open economy model of endogenous growth with public capital accumulation, as well we take transitions into account. We investigate the characteristics and stability of the steady state, and we analyze the effects on welfare for the different debt policies.

中文翻译：

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小型开放经济模型中的可持续债务政策规则和增长：平衡的政府预算是否值得？

在本文中，我们的目标是使用内生经济增长理论模型分析可持续债务政策规则和经济增长。对于政府来说，有可能陷入债务，但基本盈余是债务与 GDP 比率的正线性函数，这保证了公共债务是可持续的。我们在这个具有公共资本积累的内生增长的小型开放经济模型中分析了不同的可持续债务政策，并考虑了转型。我们研究了稳态的特征和稳定性，并分析了不同债务政策对福利的影响。