A Note on Public-Debt Sustainability in an Economy with Declining Fertility
AbstractThis note studies the relationship between population change and a government's long-term fiscal health. It uses an equilibrium model with dynamic optimization to investigate a situation in which a government repays its fiscal liabilities using tax revenues. The focus is on an upper bound on fiscal liability that is compatible with a no-Ponzi-game condition. The investigation deals, in particular, with how the upper bound depends on population size, population growth rate, and primary fiscal balance per person.
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Bibliographic InfoArticle provided by Mohr Siebeck, Tübingen in its journal FinanzArchiv.
Volume (Year): 68 (2012)
Issue (Month): 2 (June)
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Web page: http://www.mohr.de/fa
Postal: Mohr Siebeck GmbH & Co. KG, P.O.Box 2040, 72010 Tübingen, Germany
Find related papers by JEL classification:
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- H6 - Public Economics - - National Budget, Deficit, and Debt
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