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National Insolvency: A Test of the US Intertemporal Budget Constraint

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  • Uctum, Merih
  • Wickens, Michael R

Abstract

If a nation fails to satisfy its intertemporal budget constraint (IBC) then, like a government or a household, either it will become insolvent or it can consume more of its income. The main purpose of this paper is to establish necessary and sufficient conditions for a nation to satisfy its IBC, and to use these to carry out a test of whether the United States is violating its IBC. After suitable modifications the techniques used in the literature in testing the government IBC can be used; for example, the balance of payments replaces the government budget constraint. The analysis provides a number of new results and generalizations of existing results.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 437.

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Date of creation: Aug 1990
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Handle: RePEc:cpr:ceprdp:437

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Keywords: Balance of Payments; Budget Constraint; Government Spending;

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