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To boost economic performance, the government of the less developed country subsidizes R&amp;D and intermediate goods production. Besides, to account for the effects of excessive public debt, we introduce a negative externality on productivity and a risk premium effect. Our findings reveal that the steady-state growth rate of both economies depends positively on the subsidies in the South and negatively on the public debt\u2019s externality on productivity and the risk premium affecting the indebted economy. Additionally, public debt externalities increase the equilibrium wage inequality, making it more significant in the South. To minimize these effects, both countries can agree to mutualize their debts to overcome the risk premium. Then, the economy\u2019s steady-state growth rate would increase in both countries. Finally, several policy implications were retrieved.<\/jats:p>","DOI":"10.1007\/s10644-024-09672-3","type":"journal-article","created":{"date-parts":[[2024,3,29]],"date-time":"2024-03-29T12:02:41Z","timestamp":1711713761000},"update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Global directed technical change model with fiscal and monetary policies, and public debt"],"prefix":"10.1007","volume":"57","author":[{"given":"Daniel","family":"Loureiro","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-9597-9850","authenticated-orcid":false,"given":"Oscar","family":"Afonso","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-7132-880X","authenticated-orcid":false,"given":"Paulo B.","family":"Vasconcelos","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2024,3,29]]},"reference":[{"issue":"4","key":"9672_CR1","doi-asserted-by":"crossref","first-page":"781","DOI":"10.1111\/1467-937X.00226","volume":"69","author":"D Acemoglu","year":"2002","unstructured":"Acemoglu D (2002) Directed technical change. 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