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The motives to borrow by Antonio Fatás, Atish R. Ghosh, Ugo Panizza, Andrea F. Presbitero.

By: Fatás, A. (Antonio)Contributor(s): Ghosh, Atish R | Panizza, Ugo | International Monetary Fund [issuing body.]Material type: TextTextSeries: IMF working paper ; WP/19/101.Publisher: [Washington, D.C.] International Monetary Fund, [2019]Description: 1 online resource (54 pages)ISBN: 1498315321; 9781498315326Subject(s): Debts, Public -- Economic aspects | Economic development | Fiscal policy | Debts, Public -- Economic aspects | Economic development | Fiscal policyGenre/Form: EBSCO eBooks | Electronic books. DDC classification: 336.34 LOC classification: HJ8015 | .F38 2019Online resources: EBSCOhost
Contents:
Good motives to borrow -- Bad reasons to issue debt -- Debt, growth and Investment.
Summary: Governments issue debt for good and bad reasons. While the good reasons-intertemporal tax-smoothing, fiscal stimulus, and asset management-can explain some of the increases in public debt in recent years, they cannot account for all of the observed changes. Bad reasons for borrowing are driven by political failures associated with intergenerational transfers, strategic manipulation, and common pool problems. These political failures are a major cause of overborrowing though budgetary institutions and fiscal rules can play a role in mitigating governments' tendencies to overborrow. While it is difficult to establish a clear causal link from high public debt to low output growth, it is likely that some countries pay a price-in terms of lower growth and greater output volatility-for excessive debt accumulation.
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Good motives to borrow -- Bad reasons to issue debt -- Debt, growth and Investment.

Governments issue debt for good and bad reasons. While the good reasons-intertemporal tax-smoothing, fiscal stimulus, and asset management-can explain some of the increases in public debt in recent years, they cannot account for all of the observed changes. Bad reasons for borrowing are driven by political failures associated with intergenerational transfers, strategic manipulation, and common pool problems. These political failures are a major cause of overborrowing though budgetary institutions and fiscal rules can play a role in mitigating governments' tendencies to overborrow. While it is difficult to establish a clear causal link from high public debt to low output growth, it is likely that some countries pay a price-in terms of lower growth and greater output volatility-for excessive debt accumulation.

Online resource; title from PDF title page (IMF, viewed Aug 31, 2020).

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