The sustainability of resource use and the management of public finances are both long-run issues that are linked to each other through savings decisions. To study them conjointly, this paper introduces a public debt stabilization constraint in an overlapping generation model in which nonrenewable resources constitute a necessary input in the production function and belong to agents. It shows that stabilization of public debt at a high level (as share of capital) may prevent the existence of a sustainable development path, that is, a path on which per capita consumption is not decreasing. Public debt thus appears as a threat to sustainable development. It also shows that higher public debt-to-capital ratios (and public expenditures-to-capital ones) are associated with lower growth. Two transmission channels are identified. As usual, public debt crowds out capital accumulation. In addition, public debt tends to increase resource use which reduces the rate of growth. We also provide a numerical analysis of the dynamics that shows that the economy is characterized by saddle path stability. Finally, we show that the public debt-to-capital ratio may be calibrated to implement the social planner optimal allocation according to which the growth rate is increasing in the degree of patience.

中文翻译：

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不可再生资源利用的可持续性和公共债务

资源利用的可持续性和公共财政的管理都是长期问题，通过储蓄决策相互关联。为了联合研究它们，本文引入了重叠发电模型中的公共债务稳定约束，其中不可再生资源构成生产函数中的必要投入并属于代理人。它表明，公共债务稳定在高水平（作为资本份额）可能会阻碍可持续发展道路的存在，即人均消费不下降的道路。因此，公共债务似乎是对可持续发展的威胁。它还表明，较高的公共债务与资本比率（以及公共支出与资本比率）与较低的增长有关。识别出两个传输通道。与往常一样，公共债务挤出了资本积累。此外，公共债务往往会增加资源使用，从而降低增长率。我们还提供了动态数值分析，表明经济具有鞍形路径稳定性的特征。最后，我们表明可以通过校准公共债务与资本的比率来实施社会规划者的最优配置，根据该比率，增长率在耐心程度上增加。