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The Political Economy of Public Debt

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  • Marco Battaglini

    ()
    (Department of Economics, Princeton University, Princeton, New Jersey 08544)

Abstract

We survey recent theories of public debt that incorporate political decision making in rich dynamic environments. These theories provide a new framework with which to interpret empirical evidence and to assess institutional reforms that may help control political inefficiencies. We discuss the inefficiencies that lead to overaccumulation of debt and their implications for the long-run distribution of debt.

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File URL: http://www.annualreviews.org/doi/abs/10.1146/annurev-economics-061109-080320
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Bibliographic Info

Article provided by Annual Reviews in its journal Annual Review of Economics.

Volume (Year): 3 (2011)
Issue (Month): 1 (09)
Pages: 161-189

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Handle: RePEc:anr:reveco:v:3:y:2011:p:161-189

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Related research

Keywords: fiscal policy; constitutional design; legislative bargaining; electoral rules; balanced budget rule;

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Cited by:
  1. Henrique S. Basso & James Costain, 2013. "Fiscal delegation in a monetary union with decentralized public spending," Banco de Espa�a Working Papers 1311, Banco de Espa�a.
  2. Jens Dietrichson & Lina Maria Ellegård, 2013. "Assist or desist? Conditional bailouts and fiscal discipline in local governments," ERSA conference papers ersa13p598, European Regional Science Association.

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