Intergenerational Politics, Government Debt, and Economic Growth

Ono, Tetsuo

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論文情報

タイトル	Intergenerational Politics, Government Debt, and Economic Growth
著者	著者名 Ono, Tetsuo
キーワード等	Economic Growth
	Government Debt
	Overlapping Generations
	Population Aging
	Probabilistic Voting
内容	* Revised：Intergenerational Politics, Government Debt and Economic Growth [14-23, 2014]
内容	* Revised： [14-23-Rev., 2015]
抄録	This study presents a two-period overlapping-generations model featuring intergenerational conflict over fiscal policy. In particular, we characterize a Markov-perfect political equilibrium of the voting game between generations and show the following three main results. First, population aging incentivizes the government to invest more in capital for future public spending, positively affecting economic growth. Second, when the government finances its spending by issuing bonds, the introduction of the balanced budget rule results in a higher public spending-to-GDP ratio and a higher growth rate. Third, to obtain a normative implication of the political equilibrium, we compare it with an allocation chosen by a benevolent planner who takes care of all future generations. The planners allocation might feature less growth and more borrowing than the political equilibrium if the planner attaches low weights to future generations.
出版者	Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University
収録物名	Discussion Papers In Economics And Business
巻	14-23-Rev.2
開始ページ	1
終了ページ	37
刊行年月	2015-06
言語	英語
ハンドルURL	https://hdl.handle.net/11094/39420
関連情報 (references)	URI http://www2.econ.osaka-u.ac.jp/library/global/dp/1423R2.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Discussion Papers In Economics And Business
最終更新日	2015-01
最終更新日	2015-06

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Discussion Papers In Economics And Business.14-23-Rev.2 p.1-p.37
DC.title	Intergenerational Politics, Government Debt, and Economic Growth
DC.creator	Ono, Tetsuo
DC.publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2015-06
DC.relation' scheme='DCTERMS.URI	http://www2.econ.osaka-u.ac.jp/library/global/dp/1423R2.pdf
DC.subject	Economic Growth
	Government Debt
	Overlapping Generations
	Population Aging
	Probabilistic Voting
DC.description	* Revised：Intergenerational Politics, Government Debt and Economic Growth [14-23, 2014]
DC.description	* Revised： [14-23-Rev., 2015]
DCTERMS.abstract	This study presents a two-period overlapping-generations model featuring intergenerational conflict over fiscal policy. In particular, we characterize a Markov-perfect political equilibrium of the voting game between generations and show the following three main results. First, population aging incentivizes the government to invest more in capital for future public spending, positively affecting economic growth. Second, when the government finances its spending by issuing bonds, the introduction of the balanced budget rule results in a higher public spending-to-GDP ratio and a higher growth rate. Third, to obtain a normative implication of the political equilibrium, we compare it with an allocation chosen by a benevolent planner who takes care of all future generations. The planners allocation might feature less growth and more borrowing than the political equilibrium if the planner attaches low weights to future generations.
citation_title	Intergenerational Politics, Government Debt, and Economic Growth
citation_author	Ono, Tetsuo
citation_publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University
citation_language	英語
citation_date	2015-06
citation_journal_title	Discussion Papers In Economics And Business
citation_volume	14-23-Rev.2
citation_firstpage	1
citation_lastpage	37
citation_public_url	https://hdl.handle.net/11094/39420
citation_abstract_html_url	http://www2.econ.osaka-u.ac.jp/library/global/dp/1423R2.pdf

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