| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP468 |
| DP468 Fiscal Deficits, Seigniorage and External Debt: The Case of Greece | |
| George Alogoskoufis; Nikos Christodoulakis | |
| 发表日期 | 1990-10-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | This paper investigates the relation between the rise in external debt and fiscal developments in Greece. We use an intertemporal model of optimal private-sector savings to argue that stabilization of the public debt/GDP ratio will be sufficient to stabilize the external debt/GDP ratio as well. Our results suggest that stabilization of the public debt/ GDP ratio at a given level through higher taxation will result in a higher external debt/GDP ratio than stabilization at the same level through a reduction in (non-interest) government expenditure. They also suggest that in the case of Greece there is no further scope for a steady-state increase in seigniorage revenue. In fact, the inflation rate slightly exceeds the seigniorage-maximizing rate. We calculate that if the public sector debt were to be stabilized at its current level of approximately 100% of GDP, the primary deficit (i.e., the deficit excluding interest payments) would have to fall to 0.3% of GDP from its projected ratio of 6.5% in 1990 and 5.1% in 1991. |
| 主题 | International Macroeconomics |
| 关键词 | Greece inflation Public and external deficits and debts Seigniorage Stabilization |
| URL | https://cepr.org/publications/dp468 |
| 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/529623 |
| 推荐引用方式 GB/T 7714 | George Alogoskoufis,Nikos Christodoulakis. DP468 Fiscal Deficits, Seigniorage and External Debt: The Case of Greece. 1990. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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