| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13735 |
| DP13735 The Motives to Borrow | |
| Antonio Fatas; Atish R. Ghosh; Ugo Panizza | |
| 发表日期 | 2019-05-14 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Governments issue debt for good and bad reasons. While the good reasons—intertemporal tax-smoothing, fiscal stimulus, and asset management—can explain some of the increases in public debt in recent years, they cannot account for all of the observed changes. Bad reasons for borrowing are driven by political failures associated with intergenerational transfers, strategic manipulation, and common pool problems. These political failures are a major cause of overborrowing. Budgetary institutions and fiscal rules can play a role in mitigating governments’ tendencies to overborrow. While it is difficult to establish a clear causal link from high public debt to low output growth, it is likely that some countries pay a price—in terms of lower growth and greater output volatility—for excessive debt accumulation. |
| 主题 | International Macroeconomics and Finance ; Macroeconomics and Growth ; Public Economics |
| 关键词 | Public debt Fiscal policy Political economy |
| URL | https://cepr.org/publications/dp13735 |
| 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/542599 |
| 推荐引用方式 GB/T 7714 | Antonio Fatas,Atish R. Ghosh,Ugo Panizza. DP13735 The Motives to Borrow. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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