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On The Sustainability Of Government Borrowing In A Dynamic General Equilibrium

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  • Atsumasa Kondo

Abstract

. This paper constructs a dynamic general equilibrium model with money in consumers’ utility functions and investigates the equilibrium dynamics of government's debt. The limitation level of the government borrowing for which a dynamic equilibrium and the no Ponzi Game condition are compatible with each other is explicitly derived. The critical level depends on the long‐run interest rate, primary balance, money supply etc.

Suggested Citation

  • Atsumasa Kondo, 2007. "On The Sustainability Of Government Borrowing In A Dynamic General Equilibrium," Pacific Economic Review, Wiley Blackwell, vol. 12(5), pages 565-576, December.
    • Handle: RePEc:bla:pacecr:v:12:y:2007:i:5:p:565-576
    DOI: 10.1111/j.1468-0106.2007.00372.x
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    Cited by:

    1. Atsumasa Kondo, 2016. "Interconnection of Fiscal Policies on Sustainability of Public Debt," Discussion Papers CRR Discussion Paper Series A: General 20, Shiga University, Faculty of Economics,Center for Risk Research.
    2. Atsumasa Kondo & Koji Kitaura, 2012. "International linkage of inflation rates in a dynamic general equilibrium," Journal of Economics, Springer, vol. 107(2), pages 141-155, October.
    3. Atsumasa Kondo & Koji Kitaura, 2009. "Does Deflation Impinge On A Government'S Fiscal Standing?," Pacific Economic Review, Wiley Blackwell, vol. 14(5), pages 651-656, December.
    4. Atsumasa Kondo, 2016. "Sustainability of Public Debt in an AK Model with Complex Tax System," Discussion Papers CRR Discussion Paper Series A: General 21, Shiga University, Faculty of Economics,Center for Risk Research.

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