00699nam a2200133Ia 4500 11.01.01 W655 Wigger, Berthold U. A note on public debt, tax-exempt bonds, and Ponzi games IMF [Washington]US 2007 18 p. Demonstrates that government can run a Ponzi game if the economy without public debt is dynamically efficient. This becomes possible when the return on private bonds or equity is taxed and the government issues tax-exempt bonds. Notes that unlike a traditional Ponzi game, the welfare effects of a Ponzi game based on the issuance of tax-exempt bonds are rather mixed. 3/19/09 JOYD M W655 33836 33836 0 0 0 0 CRCM CRCM 2023-05-08 0 11.01.01 W655 0000000027850 2023-05-08 00:00:00 2023-05-08 M