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|z 9781451867268
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|a Wigger, Berthold.
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|a A Note on Public Debt, Tax-Exempt Bonds, and Ponzi Games /
|c Berthold Wigger.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2007.
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|a 1 online resource (18 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a By issuing tax-exempt bonds, the government can incur debt and never pay back any principal or interest, even if the economy without public debt evolves on a dynamically efficient growth path. The welfare effects of such a Ponzi type borrowing scheme are mixed. The current young will unambiguously benefit.Depending on preferences and the aggregate technology, also a finite number of subsequent generations may benefit. The welfare of all generations thereafter, however, will be lower than in the economy without public debt.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2007/162
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2007/162/001.2007.issue-162-en.xml
|z IMF e-Library
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