Impact of Public Debt on Economic Growth in Advanced Economies

This paper examines the impact of public debt on the economic growth in advanced economies over a period of 1946 to 2009, using an econometric approach. The findings suggested an inverse relationship between public debt and economic growth in advanced economies. These relationships were found to be significant as well. Model results also show that the real GDP growth rate does not decline sharply whether the public debt-to-GDP ratio is lower than 220%. The public debt-to-GDP ratio elasticity of the real growth rate shows that an increase of 1% in public debt/GDP category above 120% decreases the real GDP growth rate in 1.13%. The negative effect of public debt is only stronger on the real GDP growth rate in advanced economies when the public debt-to-GDP ratio is above 220%. Finally, these findings lead us to reassess the austerity agenda, and the governments should devise new strategies for public debt management in advanced economies, taking into account their economic and financial performance.

Urban public policies: towards the improvement of landscape ecological system. The case-study of the city of Évora, Portugal.

The Charter of European Planning 2013 presents a Vision for the future of European cities and regions, highlighting the sustainability of cities and the preservation of urban ecosystems, integrating the man-made environment with the natural ecosystems and contribute to the well-being and quality of life of their inhabitants and other stakeholders. Thus, urban public policies are crucial to the improvement of the landscape ecological system, achievable by city planning and design. The paper aims to analyse if public urban policies in Portugal have been integrating strategies and/or guidelines to enhance the ecological system of the landscape. Then, which new perspectives are possible, framed by the recently approved law Bases of Public Policy of Soils, Land Management and Urban Planning (2014). This new law, in contrast with the previous ones, don’t allow reserving land to urbanize, in municipal master plans. Moreover, it is possible to revert land classified for urban purposes in those plans into rustic soils (when it is not yet infra-structured or built). It allows creating new planning and design dynamics, convert several areas and including them in the urban ecological structure, essential to the enhancement of landscape ecological system. This is a filed of work where landscape architecture has huge responsibilities, by associating and harmonize man-made environment with natural systems, enlightening sustainability consistent with conservation and improvement of Nature while contributing to the well-being and quality of life of Man. A sustainability that is ethical, aesthetic, ecological and cultural. The study is supported by a case study – the city of Évora. The ultimate goal is to propose measures to promote larger and better integration of ecological component in urban public policies, framed by the new territorial management law, taking into account and highlighting the specificities of the landscape system – Man and Nature – at the local level.