Structure Of Government Debt Research Articles

Study on the influencing factors and default risk of government debt

Taking Chinese SY city as an example and by using the step-wise regression method, this paper firstly analyzed the influencing factors of the size of government debt. Then the BS model and naive model were used to study the default risk of government debt in SY city. The research results show that the level of economic development and local government fiscal revenue have a positive impact on the control of debt risk, while local government fiscal expenditure and debt holding subject structure and the total structure of the debt risk control have a negative impact. Finally, this paper put forward some suggestions on how to construct a reasonable tax revenue system for local government to optimize the main structure of government debt and control the total amount of government debt to solve the government debt risk.

THE PUBLIC DEBT OF DEVELOPED COUNTRIES AS A FACTOR OF STRENGTHENING OF MACROECONOMIC IMBALANCES AND GLOBAL INSTABILITY

The article defines the concept of public debt, consider its characteristics, the analysis of the level of public debt in developed and developing countries, considered the change of the OECD countries, the structure of government debt by instrument, an analysis of the measures taken by the governments of developed countries to prevent its further growth. It is necessary to identify the relationship of the budget deficit and public debt: the growth of the budget deficit leads to an increase in public debt. However, the absolute value of the ratio of the budget deficit and, consequently, public debt, there is little informative for economic analysis. It is necessary to identify the processes affecting the maintenance of the budget deficit. It is also necessary to find the tools for measuring changes in public debt relative to GDP dynamics. In the context of the existing market relations is difficult to achieve fiscal balance. The conditions of a deficit or surplus. It is shown that to cover the state budget deficit uses various types of financial loans, which constitute public debt, consisting of internal and external debt.

Preferred Habitat and the Optimal Maturity Structure of Government Debt

We propose a clientele-based theory of the optimal maturity structure of government debt. We assume a three-period economy in which clienteles correspond to generations of agents consuming in different periods. An optimal maturity structure exists even in the absence of distortionary taxes, and consists in the government replicating the actions of private agents not yet present in the market. The optimal fraction of long-term debt increases in the weight of the long-horizon clientele, provided that agents are more risk-averse than log. We examine how changes in maturity structure affect equilibrium prices and show that in contrast to most representative-agent models, lengthening the maturity structure raises the slope of the yield curve.

Optimal state-contingent capital taxation: when is there an indeterminacy?

Several recent papers on dynamically optimal taxation have derived indeterminacy results regarding state-contingent capital taxation in stochastic equilibrium models with state-contingent government debt. I show that these results rely crucially on the assumption that there is a single, aggregate decision about private capital investment. In a model with many technologies and many capital goods, the need to preserve individual investment incentives imposes as many constraints on government policy as they are intertemporal investment decisions. The structure of capital tax rates and the structure of government debt are both restricted in many dimensions.

A simple rule for managing the maturity structure of government debt

A simple rule for managing the maturity structure of government debt