When Should Public Debt Be Reduced?:
What considerations should guide public debt policy going forward? Should debt be reduced to achieve normative anchors (such as 60 percent of GDP), should it be increased further to finance a big public investment push, or should the existing debt be serviced forever? We argue that, for countries wi...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2015
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| Schriftenreihe: | IMF Staff Discussion Notes: Staff Discussion Notes No. 15 / 10
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| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | What considerations should guide public debt policy going forward? Should debt be reduced to achieve normative anchors (such as 60 percent of GDP), should it be increased further to finance a big public investment push, or should the existing debt be serviced forever? We argue that, for countries with ample fiscal space (little risk of encountering a fiscal crisis), raising distortive taxes merely to bring the debt down is a treatment cure that is worse than the disease. High public debt of course is costly, but it is a sunk cost only made worse by efforts to pay down the debt through distortionary taxation. Living with the debt is the welfare-maximizing policy. In decisions vis-à-vis the big push for public investment, golden-rule considerations remain salient, with due account taken of the additional servicing costs (and associated distortive taxation) from the resulting buildup of public debt |
| Beschreibung: | 1 Online-Ressource (26 p) |
| ISBN: | 1498379206 9781498379205 |
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| index_date | 2024-07-03T20:13:37Z |
| indexdate | 2024-07-10T09:35:47Z |
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| record_format | marc |
| series2 | IMF Staff Discussion Notes: Staff Discussion Notes No. 15 / 10 |
| spelling | Ostry, Jonathan David Verfasser aut When Should Public Debt Be Reduced? Ostry, Jonathan David Washington, D.C International Monetary Fund 2015 1 Online-Ressource (26 p) txt rdacontent c rdamedia cr rdacarrier IMF Staff Discussion Notes: Staff Discussion Notes No. 15 / 10 What considerations should guide public debt policy going forward? Should debt be reduced to achieve normative anchors (such as 60 percent of GDP), should it be increased further to finance a big public investment push, or should the existing debt be serviced forever? We argue that, for countries with ample fiscal space (little risk of encountering a fiscal crisis), raising distortive taxes merely to bring the debt down is a treatment cure that is worse than the disease. High public debt of course is costly, but it is a sunk cost only made worse by efforts to pay down the debt through distortionary taxation. Living with the debt is the welfare-maximizing policy. In decisions vis-à-vis the big push for public investment, golden-rule considerations remain salient, with due account taken of the additional servicing costs (and associated distortive taxation) from the resulting buildup of public debt Online-Ausg Espinoza, Raphael A. Sonstige oth Ghosh, Atish R. Sonstige oth http://www.elibrary.imf.org/view/IMF006/22543-9781498379205/22543-9781498379205/22543-9781498379205.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Ostry, Jonathan David When Should Public Debt Be Reduced? |
| title | When Should Public Debt Be Reduced? |
| title_auth | When Should Public Debt Be Reduced? |
| title_exact_search | When Should Public Debt Be Reduced? |
| title_exact_search_txtP | When Should Public Debt Be Reduced? |
| title_full | When Should Public Debt Be Reduced? Ostry, Jonathan David |
| title_fullStr | When Should Public Debt Be Reduced? Ostry, Jonathan David |
| title_full_unstemmed | When Should Public Debt Be Reduced? Ostry, Jonathan David |
| title_short | When Should Public Debt Be Reduced? |
| title_sort | when should public debt be reduced |
| url | http://www.elibrary.imf.org/view/IMF006/22543-9781498379205/22543-9781498379205/22543-9781498379205.xml |
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