tailieunhanh - DIGITAL ACCESS TO SCHOLARSHIP AT HARVARD

At early stages of development, corporate bond markets are not generally an alternative to the banking system. The general pattern observed in advanced economies has been for banking to emerge at a much earlier stage of development than bond markets. In the United States, where the corporate bond market is most developed, bond market financing overtook borrowing from domestic banks long ago. In western Europe it has been much slower to develop. Among emerging economies, the corporate bond market is largest in Korea (in terms of amounts outstanding, although much of this is little traded). Notwithstanding a major setback following the 1997 crisis, this has been. | D A s H DIGITAL ACCESS TO SCHOLARSHIP AT HARVARD Are Government Bonds Net Wealth The Harvard community has made this article openly available. Please share how this access benefits you. Your story matters. Citation Barro Robert J. 1974. Are government bonds net wealth Journal of Political Economy 82 6 1095-1117. Published Version doi 260266 Accessed January 6 2013 4 44 43 AM EST Citable Link http urn-3 3451399 Terms of Use This article was downloaded from Harvard University s DASH repository and is made available under the terms and conditions applicable to Other Posted Material as set forth at http urn-3 HULTnstRepos of-use LAA Article begins on next page Are Government Bonds Net Wealth Robert J. Barro University of Chicago The assumption that government bonds are perceived as net wealth by the private sector is crucial in demonstrating real effects of shifts in the stock of public debt. In particular the standard effects of expansionary fiscal policy on aggregate demand hinge on this assumption. Government bonds will be perceived as net wealth only if their value exceeds the capitalized value of the implied stream of future tax liabilities. This paper considers the effects on bond values and tax capitalization of finite lives imperfect private capital markets a government monopoly in the production of bond liquidity services and uncertainty about future tax obligations. It is shown within the context of an overlappinggenerations model that finite lives will not be relevant to the capitalization of future tax liabilities so long as current generations are connected to future generations by a chain of operative intergenerational transfers either in the direction from old to young or in the direction from young to old . Applications of this result to social security and to other types of imposed intergenerational transfer schemes are also noted. In the presence of imperfect private capital .

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