Uses and Limitations of Public Debt

Willem Buiter and Kenneth M. Kletzer

Chapter 11 in Market Behaviour and Macroeconomic Modelling, 1998, pp 275-307 from Palgrave Macmillan

Abstract: Abstract This paper addresses three related issues. First, in what sense is the goverment’s ability to borrow limited by its capacity to tax? Second, when is Ponzi finance1 feasible for an infinite-lived government? Third, when does the opportunity to engage in Ponzi finance enhance the government’s ability to influence private resource allocation?

Keywords: Interest Rate; Fiscal Policy; Public Debt; Transfer Payment; Solvency Constraint (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-26732-3_11

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DOI: 10.1007/978-1-349-26732-3_11

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