Fiscal Conflict: Past and Present

PERHAPS THE MOST IMPORTANT CONSEQUENCE associated with a highly concentrated public debt is that it redistributes income. In theory, the logic of this redistributive process is fairly straightforward. Ownership of a government bond entitles its owner to a stream of interest payments. And if the clas...

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Bibliographische Detailangaben
1. Verfasser:	Hager, Sandy Brian
Format:	Buchkapitel
Sprache:	eng
Schlagworte:	Capitalism Debt management Debt reduction Economic disciplines Economic theory Economics Finance Financial economics Financial management Governance Government Government budgets Government expenditures Government spending Income taxes Military spending MISCELLANEOUS ITEMS Political science Progressive taxation Public debt State finance State government State income tax Taxation Taxation systems Taxes
Online-Zugang:	Volltext
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Beschreibung
Zusammenfassung:	PERHAPS THE MOST IMPORTANT CONSEQUENCE associated with a highly concentrated public debt is that it redistributes income. In theory, the logic of this redistributive process is fairly straightforward. Ownership of a government bond entitles its owner to a stream of interest payments. And if the class identity of government bondholders is somehow separate from the taxpayers that finance interest payments on the public debt, then income will be redistributed from the latter to the former. In practice, however, existing attempts to empirically analyze the redistributive effects of the public debt have yielded little insight. And given the rapid concentration in