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Bribery and Public Debt Repudiation

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Author Info
 Di Gioacchino, Debora
Ginebri, Sergio
Sabani, Laura

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Abstract

In cases where policy makers accept "bribes" offered by organised lobbies or interested parties, government decisions can be modelled as a first price menu auction. In this paper we adapt this structure to model debt repudiation. We consider a one-period model in which two generations, parents and children, are present, and debt titles are unevenly distributed among parents. The government can repay the debt by a combination of taxes on the children's income and on the outstanding debt. We exclude intergenerational conflicts, assuming that the parents' and children's objective is to maximise the utility of the family. In this perspective, families make offers that relate monetary contributions to the tax structures chosen by the government. On the hypothesis that all interests are represented, we obtain the result that the government is indifferent to the tax structure. Copyright 2000 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Public Choice.

Volume (Year): 105 (2000)
Issue (Month): 3-4 (December)
Pages: 303-21
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Handle: RePEc:kap:pubcho:v:105:y:2000:i:3-4:p:303-21

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  1. Victor Vaugirard, 2005. "Crony Capitalism and Sovereign Default," Open Economies Review, Springer, vol. 16(1), pages 77-99, January. [Downloadable!] (restricted)
  2. Debora Di Gioacchino & Sergio Ginebri & Laura Sabani, 2005. "Public Debt Repudiation In A Monetary Union: The Role Of The Geographical Allocation Of Domestic Debt," Working Papers 81, Sapienza University of Rome, Department of Public Economics. [Downloadable!]
  3. Di Gioacchino, Debora & Ginebri, Sergio & Sabani, Laura, 2004. "Political support to public debt repudiation in a Monetary Union - the role of the geographical allocation of debt," Economics & Statistics Discussion Papers esdp04019, University of Molise, Dept. SEGeS. [Downloadable!]
  4. Di Gioacchino, Debora & Ginebri, Sergio & Sabani, Laura, 2003. "The Political Power of the Owners of Public Debt," Economics & Statistics Discussion Papers esdp03006, University of Molise, Dept. SEGeS. [Downloadable!]
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