A Note on Public Debt, Tax-Exempt Bonds, and Ponzi Games /
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 b...
| Glavni autor: | |
|---|---|
| Format: | Žurnal |
| Jezik: | English |
| Izdano: |
Washington, D.C. :
International Monetary Fund,
2007.
|
| Serija: | IMF Working Papers; Working Paper ;
No. 2007/162 |
| Online pristup: | Full text available on IMF |