Arbeitspapier
Government budget deficits in large open economies
Large and growing levels of public debt in the United States, United Kingdom, Japan and the Euro Area raise new interest in the cross-country effects of a large open economy's deficits. We consider a dynamic optimising model with costly tax collection and exogenously given public spending and initial debt. We ask whether the externalities associated with an individual country's deficits are positive or negative. We characterise the path of taxes in the Nash equilibrium where policy makers act nationalistically and compare this outcome to the global optimal outcome.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 3476
- Klassifikation
-
Wirtschaft
Fiscal Policy
International Policy Coordination and Transmission
Taxation and Subsidies: Efficiency; Optimal Taxation
- Thema
-
fiscal policy
international policy coordination
optimal taxation
Haushaltsdefizit
Offene Volkswirtschaft
Finanzpolitik
Steuerpolitik
Internationale wirtschaftspolitische Koordination
Optimale Besteuerung
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Buiter, Willem H.
Sibert, Anne C.
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Buiter, Willem H.
- Sibert, Anne C.
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2011
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