Debt Policy Rules in an Open Economy

Material type: 文書・図像類

Author: Morimoto, Keiichiほか

Publisher: Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University

Publication date: 2015-08

Material Format: Paper

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Note (General)：: * Revised：Fiscal Sustainability, Macroeconomic Stability, and Welfare under Fiscal Discipline in a Small Open Economy [13-07, 2013]In a small open eco...

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Paper

Material Type: 文書・図像類
Title: Debt Policy Rules in an Open Economy
Author/Editor: Morimoto, Keiichi
Maebayashi, Noritaka
Hori, Takeo
Futagami, Koichi
Author Heading: Morimoto, Keiichi
https://nrid.nii.ac.jp/nrid/1000050609815
Maebayashi, Noritaka
https://nrid.nii.ac.jp/nrid/1000030735733
Hori, Takeo
https://nrid.nii.ac.jp/nrid/1000080547513
Futagami, Koichi
https://nrid.nii.ac.jp/nrid/1000030199400
Publication, Distribution, etc.: Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
Publication Date: 2015-08
Publication Date (W3CDTF): 2015-08
Periodical title: Discussion Papers In Economics And Business
No. or year of volume/issue: 13-07-Rev.
Volume: 13-07-Rev.
Pages: 1-42
Text Language Code: eng
Subject Heading: Fiscal policy
Public debt
Welfare
Small open economy
Indeterminacy
Target Audience: 一般
Note (General): * Revised：Fiscal Sustainability, Macroeconomic Stability, and Welfare under Fiscal Discipline in a Small Open Economy [13-07, 2013]
In a small open economy model of endogenous growth with public capital accumulation, we examine the effects of a debt policy rule under which the government must reduce its debt–GDP ratio if it exceeds the criterion level. To sustain public debt at a finite level, the government should adjust public spending rather than the income tax rate. The long run debt–GDP ratio should be kept sufficiently low to avoid equilibrium indeterminacy. Under sustainability and determinacy, a tighter (looser) debt rule brings welfare gains when the world interest rate is relatively high (low).
References (URI): http://www2.econ.osaka-u.ac.jp/library/global/dp/1307R.pdf
URI
http://www2.econ.osaka-u.ac.jp/library/global/dp/1307R.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華