Pablo Pardo (Washington) | Nobuhiro Kiyotaki, Princeton professor and BBVA Frontiers of Knowledge Award winner, says: “As public debt grows, rates tend to rise, until they are close to those of private debt, which are higher than the rate of GDP growth. The spreads on public and private debt are not immutable over time and, paradoxically, some people seem to think that this is the case, that the coupon on…