摘要

A small amount of fixed-interest public debt may raise economic growth, if the financial sector is monopsonistic. We show that there are also redistributive gains favouring financial outsiders, defined by their lack of access to a stock exchange. The requirements are that issuing public debt raises the monopsony interest rate, thus reduces the value of financial sector equity, which, like public debt, is another source of crowding-out.

  • 出版日期2017-6