| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30296 |
| 来源ID | Working Paper 30296 |
| When is Sovereign Debt Odious? A Theory of Government Repression, Growth Traps, and Growth Boosts | |
| Viral V. Acharya; Raghuram Rajan; Jack Shim | |
| 发表日期 | 2022-08-01 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We examine the dynamics of a country’s growth, consumption, and sovereign debt, assuming that the government is myopic and wants to maximize short-term, self-interested spending. Surprisingly, government myopia can increase a country’s access to external borrowing. In turn, access to borrowing can extend the government’s effective horizon; the government’s ability to borrow hinges on it convincing creditors they will be repaid, which gives it a stake in generating future revenues. In a high-saving country, the lengthening of the government’s effective horizon can incentivize it to tax less, resulting in a “growth boost", with higher steady-state household consumption than if it could not borrow. However, in a country that saves little, the government may engage in more repressive policies to enhance its debt capacity. This could lead to a “growth trap” where household steady-state consumption is lower than if the government had no access to debt. We discuss the effectiveness of alternative debt policies, including declaring debt odious, debt forgiveness, and debt ceilings. We also analyse the impact of unanticipated shocks on the country’s welfare. |
| 主题 | Other ; General, Teaching ; International Economics ; Financial Economics ; Industrial Organization ; Economic Systems |
| URL | https://www.nber.org/papers/w30296 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587969 |
| 推荐引用方式 GB/T 7714 | Viral V. Acharya,Raghuram Rajan,Jack Shim. When is Sovereign Debt Odious? A Theory of Government Repression, Growth Traps, and Growth Boosts. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w30296.pdf（898KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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