Hidden Bibliographic Details
| Other authors / contributors: | International Monetary Fund. Research Department.
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| ISBN: | 1451898282
9781451898286
1281263729
9781281263728
1462307566
9781462307562
1452731071
9781452731070
9786613778086
6613778087
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| Notes: | Includes bibliographical references (pages 22-23).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | This paper addresses how public debt should be managed to reduce the cost of private sector bailouts. It uses a tax smoothing model to show that bailouts affect the timing of government deficits and surpluses as well as the composition of public debt. In general, public debt managers will have to monitor the private sector's leverage and portfolio composition in order to design the tax smoothing policy. This contrasts with Ricardian models where households monitor the government's debt. The moral hazard aspect of defaults is also shown to be important in determining an optimal government debt strategy.
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| Other form: | Print version: Becker, Torbjörn. Public debt management and bailouts. [Washington, D.C.] : International Monetary Fund, Research Department, ©1999
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| Standard no.: | 10.5089/9781451898286.001
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