Government deficits,the real interest rate and LDC debt: On global crowding out |
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| Affiliation: | 1. European Stability Mechanism, Luxembourg, Luxembourg;2. European Central Bank, Frankfurt am Main, Germany;3. Central Bank of Ireland, Dublin, Ireland;1. LUT School of Business and Management, Lappeenranta University of Technology, Finland;2. Freelancer, Finland |
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| Abstract: | The paper uses a three-regions model of global saving-investment balance to present a ‘global crowding out’ interpretation of present economic trends. The model builds on data which point to a possible shortage of savings; explosive growth of social expenditures, structural public sector deficit in North and South; changes of the age pyramid; real wage rigidity in many industrial countries. |
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