Government Ponzi Games and Debt Dynamics Under Uncertainty

Government Ponzi Games and Debt Dynamics Under Uncertainty
We investigate the conditions for sustainability of debt roll-over schemes under uncertainty. In contrast with the requirements identified in recent research, we show that a necessary and sufficient condition for sustainability of such schemes is that the asymptotic interest rate on government debt be lower than the asymptotic growth rate of the... READ MORE...

Publication date: December 1991
ISBN 9781451854862
$15.00

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