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A Note on Public Debt, Tax-Exempt Bonds, and Ponzi Games

A Note on Public Debt, Tax-Exempt Bonds, and Ponzi Games by Berthold U. Wigger
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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.
International Monetary Fund; July 2007
18 pages; ISBN 9781452713793
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Title: A Note on Public Debt, Tax-Exempt Bonds, and Ponzi Games
Author: Berthold U. Wigger
 
ISBNs
1451911793
9781451867268
9781451911794
9781452713793