TY  - BOOK
AU  - Wigger, Berthold U.
TI  - A note on public debt, tax-exempt bonds, and Ponzi games
PY  - 2007///
CY  - [Washington]US
PB  - IMF
N2  - 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
ER  -