| 000 | 00699nam a2200133Ia 4500 | ||
|---|---|---|---|
| 080 | _a11.01.01 W655 | ||
| 100 | _aWigger, Berthold U. | ||
| 245 | _aA note on public debt, tax-exempt bonds, and Ponzi games | ||
| 260 |
_bIMF _a[Washington]US _c2007 |
||
| 300 | _a18 p. | ||
| 520 | _aDemonstrates 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. | ||
| 583 |
_c3/19/09 _kJOYD |
||
| 942 |
_cM _mW655 |
||
| 999 |
_c33836 _d33836 |
||