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摘要翻译：
本文研究了公共债务的非庞氏博弈条件（即公共债务增长率必须低于实际利率，这是李嘉图等价的一个必要假设）和GDP增长率的横向条件（即GDP增长率必须低于实际利率）的相关性。首先，在经合组织数据库中提供的1961年至2010年21个国家的不平衡小组中，这两个条件同时得到验证的只占审查案例的29%。其次，这两种情况在20世纪80年代和90年代更为频繁，当时货币政策更加严格。第三，与凯恩斯主义观点一致，当实际利率高于GDP增长时，它对应于75%的债务/GDP比率上升的情况，但只对应于43%的债务/GDP比率下降的情况（财政合并）。
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英文标题：
《Government Solvency, Austerity and Fiscal Consolidation in the OECD: A
Keynesian Appraisal of Transversality and No Ponzi Game Conditions》
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作者：
Karim Azizi, Nicolas Canry, Jean-Bernard Chatelain, Bruno Tinel
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最新提交年份：
2013
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分类信息：
一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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英文摘要：
This paper investigates the relevance of the No-Ponzi game condition for public debt (i.e. the public debt growth rate has to be lower than the real interest rate, a necessary assumption for Ricardian equivalence) and of the transversality condition for the GDP growth rate (i.e. the GDP growth rate has to be lower than the real interest rate). First, on the unbalanced panel of 21 countries from 1961 to 2010 available in OECD database, those two conditions were simultaneously validated only for 29% of the cases under examination. Second, those two conditions were more frequent in the 1980s and the 1990s when monetary policies were more restrictive. Third, in tune with the Keynesian view, when the real interest rate is higher than the GDP growth, it corresponds to 75% of the cases of the increases of the debt/GDP ratio but to only 43% of the cases of the decreases of the debt/GDP ratio (fiscal consolidations).
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PDF链接：
https://arxiv.org/pdf/1304.7330
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