Public debt management and bailouts /

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Bibliographic Details
Author / Creator:Becker, Torbjörn.
Imprint:[Washington, D.C.] : International Monetary Fund, Research Department, ©1999.
Description:1 online resource (23 pages)
Language:English
Series:IMF working paper, 2227-8885 ; WP/99/103
IMF working paper ; WP/99/103.
Subject:
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12496710
Hidden Bibliographic Details
Other authors / contributors:International Monetary Fund. Research Department.
ISBN:1451898282
9781451898286
1281263729
9781281263728
1462307566
9781462307562
1452731071
9781452731070
9786613778086
6613778087
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.
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.
Other form:Print version: Becker, Torbjörn. Public debt management and bailouts. [Washington, D.C.] : International Monetary Fund, Research Department, ©1999
Standard no.:10.5089/9781451898286.001

MARC

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520 3 |a 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. 
546 |a English. 
650 0 |a Debts, Public.  |0 http://id.loc.gov/authorities/subjects/sh85036141 
650 0 |a Deficit financing.  |0 http://id.loc.gov/authorities/subjects/sh85036456 
650 0 |a Taxation.  |0 http://id.loc.gov/authorities/subjects/sh85132846 
650 0 |a Fiscal policy.  |0 http://id.loc.gov/authorities/subjects/sh85048601 
650 2 |a Taxes  |0 https://id.nlm.nih.gov/mesh/D013660 
650 6 |a Dettes publiques. 
650 6 |a Financement par le déficit. 
650 6 |a Impôt. 
650 6 |a Politique fiscale. 
650 7 |a taxing.  |2 aat 
650 7 |a Debts, Public.  |2 fast  |0 (OCoLC)fst00888850 
650 7 |a Deficit financing.  |2 fast  |0 (OCoLC)fst00889732 
650 7 |a Fiscal policy.  |2 fast  |0 (OCoLC)fst00925806 
650 7 |a Taxation.  |2 fast  |0 (OCoLC)fst01143876 
655 4 |a Electronic books. 
710 2 |a International Monetary Fund.  |b Research Department.  |0 http://id.loc.gov/authorities/names/n77001219 
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