For example, see D Romero de Avila and R Strauch (2003), Public Finances and Long-Term Growth in Europe – Evidence from a Panel Data Analysis, ECB Working Paper 246; S Fölster and M Henrekson (1999), Growth and the Public Sector: a Critique of the Critics, European Journal of Political Economy, 15, 337-358; S Fölster and M Henrekson (2001), Growth Effects of Government Expenditure and Taxation in Rich Countries, European Economic Review, 45, 15011520.
16  See Deutsche Bundesbank (2004), Demographic burdens on growth and wealth, Monthly Report, December. 17  For the base year 2002, the German Council of Economic Experts estimates the present value of the implicit debt in the range of 270% of GDP compared with explicitly recorded debt levels of roughly 60%.