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Public Debt Stabilization: Redistributive Delays Versus Preemptive Anticipations

  • Paulo Júlio

    ()

    (Gabinete de Estratégia e Estudos, Portuguese Ministry of Economy and Employment)

This article illustrates and formalizes the conditions under which majority voting can lead to either delays or anticipations in public debt stabilizations. Under the assumptions of proportional taxation and universal public expenditures, we present an intertemporal version of the “Meltzer-Richard” result, which captures the difficulty of controlling increases in public expenditures. In the benchmark model delays are endogenous and have redistributive effects, but when a relatively rich minority makes the decisions, we may observe anticipation in public debt stabilization.

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File URL: http://www.gee.min-economia.pt/RePEc/WorkingPapers/GEE_PAPERS_45.pdf
File Function: First version, 2011
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Paper provided by Gabinete de Estratégia e Estudos, Ministério da Economia e da Inovação in its series GEE Papers with number 0045.

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Length: 15 pages
Date of creation: Nov 2011
Date of revision: Dec 2011
Handle: RePEc:mde:wpaper:0045
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  1. Cesar Martinelli & Raul Escorza, 2004. "When Are Stabilizations Delayed? Alesina-Drazen Revisited," Working Papers 0408, Centro de Investigacion Economica, ITAM.
  2. Enrico Spolaore, 2004. "Adjustments in Different Government Systems," Economics and Politics, Wiley Blackwell, vol. 16(2), pages 117-146, 07.
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