| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6970 |
| DP6970 Intrafamily Resource Allocations: A Dynamic Model of Birth Weight | |
| John F Ermisch; Marco Francesconi; Emilia del Bono | |
| 发表日期 | 2008-09-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | A windfall of foreign aid or natural resource revenue faces government with choices of how to manage public borrowing, public asset accumulation, and the distribution of funds to households (across time and household types), particularly when the windfall is both anticipated and temporary. These choices are acute if some households do not have access to credit markets and are unable to smooth consumption, and if the country as a whole is not a price-taker in international capital markets - both reasonable descriptions of many developing countries experiencing resource (or aid) booms. We analyse the optimal policy actions for countries in this position and show that the usual permanent income hypothesis prescription of engineering a permanent increase in consumption financed by borrowing ahead of the windfall and then accumulating a Sovereign Wealth Fund (SWF) is not optimal. Heavily indebted countries with a small windfall should both increase current consumption and accumulate capital to accelerate their development. Only if the windfall is large relative to initial debt is it optimal to build a SWF. We study the intricate dynamic trade-offs faced when using the windfall to pay off debt and possibly accumulate a SWF, build public infrastructure and hand out citizen dividends. Finally, we show that a more sophisticated range of instruments (e.g., an asset holding subsidy) makes the trade-offs easier. |
| 主题 | Development Economics ; International Macroeconomics |
| 关键词 | Asset holding subsidy Credit constraints Debt management Developing economies Optimal fiscal policy Private investment Public infrastructure Risk premium on foreign debt Sovereign wealth fund Windfall public revenues |
| URL | https://cepr.org/publications/dp6970 |
| 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/535807 |
| 推荐引用方式 GB/T 7714 | John F Ermisch,Marco Francesconi,Emilia del Bono. DP6970 Intrafamily Resource Allocations: A Dynamic Model of Birth Weight. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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