Partially-sighted persons and the public debt elephant

J. Considine, David Duffy

    Research output: Contribution to journalArticlepeer-review


    Recent data on the accumulation patterns of public debt across OECD countries suggests a synthesis is possible between the theoretical and empirical approaches to public debt and also between the traditional and more recent political economy explanations of public debt accumulation. The inductive approach of recent political economy explanations is combined with the intertemporal constraints highlighted in the Ricardian–Barro theory to present a reinterpretation of cross-country debt accumulations patterns. Like the elephant in the blind men and the elephant fable, the conclusion is glaringly obvious. Formal and informal budgetary constraints matter.
    Original languageEnglish
    Pages (from-to)237-249
    Number of pages13
    JournalConstitutional Political Economy
    Issue number4
    Publication statusPublished - 2006


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