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.

Effects of culture conditions on larval growth and survival of stalked barnacles (Pollicipes pollicipes).

Pollicipes pollicipes (Crustacea: Scalpelliformes) is a highly prized food in Portugal and Spain and con- sequently a species of considerable interest to aqua- culture. Surprisingly, however, larval culture conditions for this barnacle have not been opti- mized. This study investigated the effects of temper- ature, diet, photoperiod and salinity on the growth and survival of P. pollicipes larvae. Temperature had a significant effect on specific growth rate (2.6–5.9% total width per day, from 11 to 24°C), reducing mean development time to the cyprid from 25 days at 11 °C to 10 days at 24°C, although this was accompanied by a significant increase in mortality to over 90% above 22°C. Mid- range temperatures (15–20°C) maximized total survival (19–31% respectively). Algal diets of Tetra- selmis suecica, T. suecica/Skeletonema marinoi and S. marinoi/Isochrysis galbana did not affect specific growth rate significantly, but survival (on average 39% in 15 days) and the proportion of high-quality healthy cyprids was significantly higher on the lat- ter two diets (11–15% of initial number of larvae). Photoperiod did not significantly affect the survival, although specific growth rate was significantly higher at 24:0 and 16:8 L:D. Salinity (20– 40 g L 1 range) did not affect growth and survival significantly. The best growth and survival were accomplished using rearing temperatures of 15–20°C, daily feeding with T. suecica/S. marinoi or I. galbana/S. marinoi and a photoperiod of 24:0 L:D.