Fiscal Policy Interdependence and Efficiency
AbstractThis paper uses a two-country overlapping generations model to study the international transmission of fiscal policy among open interdependent economies under free international capital mobility. With only lump-sum taxes and transfers, international transmission involves only pecuniary externalities: barring dynamic inefficiency, only distributional issues (intergenerational and international) are involved. With age-specific taxes and transfers, the ability to run deficits and issue debt does not enhance the choice set of the governments. Source-based taxes on the rentals from capital and residence-based taxes on all property income are also studi.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 419.
Date of creation: May 1990
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- Buiter, Willem H & Kletzer, Kenneth, 1995.
"Capital Mobility, Fiscal Policy and Growth Under Self-Financing of Human Capital Formation,"
CEPR Discussion Papers
1179, C.E.P.R. Discussion Papers.
- Willem H. Buiter & Kenneth M. Kletzer, 1995. "Capital Mobility, Fiscal Policy and Growth under Self-Financing of Human Capital Formation," NBER Working Papers 5120, National Bureau of Economic Research, Inc.
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