Public Debt, Taxation and Government Expenditures in a Growing Economy
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Carlberg, M. (1988). Public Debt, Taxation and Government Expenditures in a Growing Economy. Duncker & Humblot. https://doi.org/10.3790/978-3-428-46316-9
Carlberg, Michael. Public Debt, Taxation and Government Expenditures in a Growing Economy. Duncker & Humblot, 1988. Book. https://doi.org/10.3790/978-3-428-46316-9
Carlberg, M (1988): Public Debt, Taxation and Government Expenditures in a Growing Economy, Duncker & Humblot, [online] https://doi.org/10.3790/978-3-428-46316-9
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Public Debt, Taxation and Government Expenditures in a Growing Economy
Volkswirtschaftliche Schriften, Vol. 375
(1988)
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Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Preface | 5 | ||
| Contents | 7 | ||
| 1. Introduction | 9 | ||
| 2. Government Expenditures | 13 | ||
| 2.1. Public Consumption | 13 | ||
| 2.2. Public Investment | 17 | ||
| 2.2.1. Public Investment as a Simple Substitute | 17 | ||
| 2.2.2. Public Investment as a Perfect Substitute | 23 | ||
| 2.2.3. Public Investment as a Complement | 25 | ||
| 2.2.4. Public Investment as a Pure Public Good | 27 | ||
| 2.3. Public Transfers | 30 | ||
| 2.4. Saving Subsidies | 31 | ||
| 2.5. Summary | 32 | ||
| 3. Taxation | 36 | ||
| 3.1. Taxation within a Solow Growth Model | 36 | ||
| 3.1.1. Income Tax | 36 | ||
| 3.1.2. Value-Added Tax | 39 | ||
| 3.1.3. Capital Income Tax | 41 | ||
| 3.1.4. Labour Income Tax | 42 | ||
| 3.1.5. Capital Gains Tax on Land | 43 | ||
| 3.2. Taxation within an Overlapping Generations Model | 46 | ||
| 3.2.1. Income Tax | 47 | ||
| 3.2.2. Value-Added Tax | 49 | ||
| 3.2.3. Capital Income Tax | 51 | ||
| 3.2.4. Labour Income Tax | 52 | ||
| 3.3. Summary | 53 | ||
| 4. Public Debt | 56 | ||
| 4.1. Debt Finance | 56 | ||
| 4.2. Debt Finance versus Tax Finance | 60 | ||
| 4.3. Debt Finance and Tax Finance | 62 | ||
| 4.3.1. Steady State of Growth | 63 | ||
| 4.3.2. Optimal Combination of Debt Finance and Tax Finance | 67 | ||
| 4.3.3. Process of Adjustment | 69 | ||
| 4.3.4. Numerical Example | 71 | ||
| 4.3.5. Optimal Saving Ratio | 77 | ||
| 4.3.6. General Production Function | 78 | ||
| 4.4. Is Pure Debt Finance Feasible in the Long Run? | 79 | ||
| Appendix | 81 | ||
| 4.5. Can Primary Budget Deficits Be Sustained? | 82 | ||
| Appendix | 91 | ||
| 4.6. Public Debt in a Small Open Economy | 91 | ||
| 4.6.1. Internal Public Debt | 91 | ||
| 4.6.2. External Public Debt | 97 | ||
| 4.6.3. Numerical Example | 99 | ||
| 4.7. Redistribution by Public Interest and Differential Saving Function | 104 | ||
| 4.8. Public Debt within an Overlapping Generations Model | 105 | ||
| 4.9. Public Debt and Public Investment | 109 | ||
| 4.10. Summary | 113 | ||
| References | 122 |