全球智库信息集成服务系统(G2TT): Government Solvency, Ponzi Finance and the Redundancy and Usefulness of Public Debt

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w4076
来源ID	Working Paper 4076
	Government Solvency, Ponzi Finance and the Redundancy and Usefulness of Public Debt
	Willem H. Buiter; Kenneth M. Kletzer
发表日期	1992-05-01
出版年	1992
语种	英语
摘要	We investigate how the ability of the government to depart from budget balance and issue debt expands the set of equilibria that can be supported using lump-sum tax-transfer instruments. We show how this depends on the restrictions that exist on the capacity to tax and make transfer payments, and what these restrictions imply for the government's ability to issue debt. Central to our analysis is the definition of solvency for an infinite-lived government in an infinite-lived economy with overlapping generations of finite-lived households. Our specification is derived from the demand for public debt by private agents and the non-negativity constraints on the capital stock and on private consumption by all generations. Under fairly tight restrictions on the government's tax-transfer menu, our solvency constraint implies the conventional solvency constraint. With unrestricted taxes and transfers Ponzi finance is always possible but 'inessential": it does not expand the set of equilibria that can be supported. Ponzi finance can be "essential" when taxes and transfers are restricted. The paper establishes a number of results that demonstrate how the government's ability to issue debt allows restricted tax-transfer schemes to support all equilibria attainable using unrestricted taxes and transfers
URL	https://www.nber.org/papers/w4076
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/561419
推荐引用方式 GB/T 7714	Willem H. Buiter,Kenneth M. Kletzer. Government Solvency, Ponzi Finance and the Redundancy and Usefulness of Public Debt. 1992.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w4076.pdf（382KB）	智库出版物		限制开放	CC BY-NC-SA	浏览