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Title: The Political Power of the Owners of Public Debt
Authors: Di Gioacchino, Debora
Ginebri, Sergio
Sabani, Laura
Keywords: public debt
political process
interest groups.
Issue Date: 13-Jun-2003
Abstract: We develop a two period model to investigate what makes the promise to repay public debt credible. We explor a political solution excluding any role for long-run reputational arguments. There are two sources of heterogeneity among individuals: wealth and income. Differences in asset holdings determine individuals preferences over monetary policy; differences in incomes determine individuals preferences over fiscal policy. The bi-dimensionality of the political choice plays a fundamental role.
Appears in Collections:4 - REPEC

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