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|z 9781498379205
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|a 2617-6750
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|a Ostry, Jonathan.
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|a When Should Public Debt Be Reduced? /
|c Jonathan Ostry, Atish Ghosh, Raphael Espinoza.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2015.
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|a 1 online resource (26 pages)
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|a Staff Discussion Notes
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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 What considerations should guide public debt policy going forward? Should debt be reduced to achieve normative anchors (such as 60 percent of GDP), should it be increased further to finance a big public investment push, or should the existing debt be serviced forever? We argue that, for countries with ample fiscal space (little risk of encountering a fiscal crisis), raising distortive taxes merely to bring the debt down is a treatment cure that is worse than the disease. High public debt of course is costly, but it is a sunk cost only made worse by efforts to pay down the debt through distortionary taxation. Living with the debt is the welfare-maximizing policy. In decisions vis-a-vis the big push for public investment, golden-rule considerations remain salient, with due account taken of the additional servicing costs (and associated distortive taxation) from the resulting buildup of public debt.
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|a Mode of access: Internet
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|a Espinoza, Raphael.
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|a Ghosh, Atish.
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|a Staff Discussion Notes; Staff Discussion Notes ;
|v No. 2015/010
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/006/2015/010/006.2015.issue-010-en.xml
|z IMF e-Library
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