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|z 9781475529845
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|a 1018-5941
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|a Escolano, Julio.
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|a Optimal Debt Policy Under Asymmetric Risk /
|c Julio Escolano, Vitor Gaspar.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2016.
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|a 1 online resource (21 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 In the paper we show that, most of the time, smooth reduction in the debt ratio is optimal for tax-smoothing purposes when fiscal risks are asymmetric, with large debt-augmenting shocks more likely than commensurate debt reducing shocks. Asymmetric risks are a feature of 200 years of data for the U.S. and the U.K.: rare but recurrent large surges of the debt-to-GDP ratio, followed by very gradual but persistent declines over long periods. More informal evidence from many other countries suggests that asymmetry is a general feature of fiscal shocks. The gradual smooth reduction in the public debt to GDP ratio is not a response to past developments. Instead it is optimal given recurrent fiscal risks and the empirical characteristics of fiscal shocks. The behavior of the debt-to-GDP ratio in the U.K. and the U.S. seems roughly compatible with the prescriptions of the tax-smoothing model.
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|a Mode of access: Internet
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|a Gaspar, Vitor.
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|a IMF Working Papers; Working Paper ;
|v No. 2016/178
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2016/178/001.2016.issue-178-en.xml
|z IMF e-Library
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