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- W2890820939 abstract "We characterize optimal taxation of foreign capital and optimal sovereign policy in a small open economy where the government cannot commit to policy, seeks to insure a risk averse domestic constituency, and is more impatient than the market. Optimal policy generates long-run cycles in both sovereign and foreign direct investment in an environment in which the first best capital stock is a constant. The expected tax on capital endogenously varies with the state of the economy and in- vestment is distorted by more in recessions than in booms amplifying the effect of shocks. The government’s lack of commitment induces a negative correlation between investment and the stock of government debt, a debt overhang effect. Debt relief is never Pareto improving and cannot affect the long-run level of investment. Further, restricting the government to a balanced budget can eliminate the cyclical distortion of investment." @default.
- W2890820939 created "2018-09-27" @default.
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- W2890820939 date "2008-01-01" @default.
- W2890820939 modified "2023-09-23" @default.
- W2890820939 title "Investment Cycles and Sovereign Debt Overhang" @default.
- W2890820939 hasPublicationYear "2008" @default.
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