Croissance et capital public dans une économie d'endettement.

Résumé En Fr

Growth and public capital in "debt-oberhang" economies The consequences of a possible credit rationing are considered in an endogenous growth model. When the financial constraint is binding, the rate of growth is determined by the rate of growth of internal finance inside the firm, which is limited by debt services. This limit to investment has important consequences on the finance and level of public infrastructure. The private productivity is increased by public infrastructures, which suffer from congestion effects. Public infrastructure are financed by a tax on firms income. We show the existence of growth maximising tax rate in a closed and an open economy.

Abstracts GROWTH AND PUBLIC CAPITAL IN "DEBT-OBERHANG" ECONOMIES bruno amable, jean-bernard chatelain The consequences of a possible credit rationing are considered in an endogenous growth model. When the financial constraint is binding, the rate of growth is determined by the rate of growth of internal finance inside the firm, which is limited by debt services. This limit to investment has important consequences on the finance and level of public infras­tructure. The private productivity is increased by public infrastructures, which suffer from congestion effects. Public infrastructure are financed by a tax on firms income. We show the existence of growth maximising tax rate in a closed and an open economy. JEL Classification : Ol, E4, E6. FINANCING OF INVESTMENT AND GROWTH patrick artus We compare the effects on growth of different ways of financing investment (debt or equity of various organizations of credit markets (perfect competition, monopoly), of the presence of bankruptcy risks and costs (which imply a possible credit rationing). JEL Classification : O4, E4. THE ROLE OF THE PUBLIC PENSION SYSTEM IN A MODEL OF OPTIMAL GROWTH WITH OVERLAPPING GENERATIONS laurent augier, thierry chauveau, claire loupias Few studies have dealt with optimal growth with uncertain environment and the role of a public pension scheme in optimal growth has not generally been considered. In this paper, we use an overlapping generations model in order to answer the following question : does an optimal rate of contribution exist, i.e a contribution rate maximizing 501 Revue économique — vol. 48, n° 2, mars 1995, p. 501-506.