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A market-financed and growth-enhancing investment plan for the euro area
Authors:Pompeo Della Posta  Enrico Marelli  Marcello Signorelli
Affiliation:1. Department of Economics and Management, University of Pisa, Pisa, Italy;2. Department of Economics and Management, University of Brescia, Brescia, Italy;3. Department of Economics, University of Perugia, Perugia, Italy
Abstract:In this paper, we analyze the problem of public debt-to-GDP stability in the Eurozone. We suggest that a feasible solution might be the realization of a market-financed, growth-enhancing investment program, which would be particularly welcome because of the positive short- and long-term repercussions it would have on GDP growth and the stabilizing effects on interest rates. Some simulations allow us to quantify these effects. The consequences of the COVID-19 pandemic further reinforce our policy implications in terms of public debt sustainability.
Keywords:Fiscal policy  GDP growth  Investment plan  Public debt sustainability  Public debt-to-GDP stability
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