Ricardian equivalence for local government bonds: Budget constraint approach
N Akai - Economics Letters, 1994 - Elsevier
It is shown that if consumers own land, the free rider problem does not occur because a
change in local government financing is completely reflected in the price of land. This means
that the Ricardian equivalence theorem holds not only for national government bonds but
also for local government bonds.
change in local government financing is completely reflected in the price of land. This means
that the Ricardian equivalence theorem holds not only for national government bonds but
also for local government bonds.
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