Determinants of nonresident government debt ownership

Government Debt

This paper surveys the literature on the macroeconomic effects of government debt. It begins by discussing the data on debt and deficits, including the historical time series, measurement issues, and projections of future fiscal policy. The paper then presents the conventional theory of government debt, which emphasizes aggregate demand in the short run and crowding out in the long run. It next...

Optimal Government Debt Maturity

This paper develops a model of optimal government debt maturity in which the government cannot issue state-contingent bonds and cannot commit to fiscal policy. If the government can perfectly commit, it fully insulates the economy against government spending shocks by purchasing short-term assets and issuing long-term debt. These positions are quantitatively very large relative to GDP and do no...

Consequences of Government Deficitsand Debt

Over many years, Ben Friedman’s economic research and writings in political economy frame economic analysis of— and moral consideration of—large government budget deficits and the need for fiscal consolidation in the United States. In his book The Moral Consequences of Economic Growth, Friedman emphasizes the salutary effects economic growth for openness and social cohesion. This essay emphasiz...

Determinants · of Home Ownership

The Optimal Level of Government Debt in Iran

The purpose of the current study is to determine the optimum level of the governmentchr('39')s debt for the period of the sixth plan period of the economic, social a eviation of the target variables economic growth rate, inflation rate, real GDP and nd cultural development of the government. Therefore, a function of inter periodic loss welfare has been devised for the policy maker in which the ...