| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP490 |
| DP490 On Public Debt Stabilizations in an Interdependent World | |
| George Alogoskoufis | |
| 发表日期 | 1991 |
| 出版年 | 1991 |
| 语种 | 英语 |
| 摘要 | This paper considers alternative modes of stabilization of world-wide and relative levels of public debt. The analysis is in terms of a model of overlapping, infinitely lived households. Three methods are compared: tax finance, public- consumption finance and monetary finance. We show that a tax-financed world-wide public-debt stabilization results in the highest reduction in consumption and the capital stock; monetary finance has no real effects in the model examined, other than on the composition of public-sector liabilities between money and bonds. A tax-financed relative public-debt stabilization by one country is shown to be associated with a greater rise in external debt and fall in relative consumption than either of the other methods. Monetary finance is again shown to have no real effects. |
| 主题 | International Macroeconomics |
| 关键词 | Capital accumulation External debt inflation Open economies Public debt |
| URL | https://cepr.org/publications/dp490 |
| 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/529648 |
| 推荐引用方式 GB/T 7714 | George Alogoskoufis. DP490 On Public Debt Stabilizations in an Interdependent World. 1991. |
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