G2TT
来源类型Discussion paper
规范类型论文
来源IDDP28
DP28 Fiscal Policy in Open, Interdependent Economies
Willem Buiter
发表日期1984-09-01
出版年1984
语种英语
摘要The paper studies the effects of alternative financing policies in the open economy. There is a non-trivial role for financing policy because of the failure of first-order debt neutrality due to uncertain private lifetimes. Both the single-country case and the interdependent two-country case are considered. Capital formation is endogenous and there are unified global financial and goods markets determining the interest rate, each country's "Tobin's q" and the terms of trade. The government's present value budget constraint or solvency constraint and the assumption that the interest rate exceeds the growth rate imply that, given spending, current tax cuts imply future tax increases. Such policies boost the outstanding stock of public debt, raise the world interest rate, crowd out capital formation at home and abroad, and lead to a loss of foreign assets. Provided a "supply-side-response-corrected" transfer criterion is satisfied, the terms of trade will improve in the short run and worsen in the long run.
主题International Macroeconomics
关键词Debt neutrality Fiscal policy Open economies
URLhttps://cepr.org/publications/dp28
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/529184
推荐引用方式
GB/T 7714
Willem Buiter. DP28 Fiscal Policy in Open, Interdependent Economies. 1984.
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