کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
992440 935788 2010 9 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Optimal Deficit and Debt in the Presence of Foreign Aid
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Optimal Deficit and Debt in the Presence of Foreign Aid
چکیده انگلیسی

SummaryExternal revenue in the form of foreign aid constitutes an important component of the government’s budget constraint in many developing countries. We derive optimal public spending—and the resulting optimal deficit and debt—in an optimal control framework when the government seeks to maximize the utility of constituents in the presence of external revenue that cannot be influenced by the government directly but is contingent on public revenue and debt. We find that in this context, a policy of running budget deficits and accumulating debt becomes optimal. In simulations, we characterize the size and the path dependency of the optimal deficit and debt.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: World Development - Volume 38, Issue 1, January 2010, Pages 19–27
نویسندگان
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