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vol.2 issue3POLITICAL ECONOMY AND PUBLIC FINANCES: THEORY, EVIDENCE AND LAB RESULTSDISJUNCTIVE IS NOT TO PAY OR EXCISE DEBT, IS TO PAY IT EXTRA CHARGE OR AT JUST PRICE author indexsubject indexarticles search
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Revista de Economía Institucional

Print version ISSN 0124-5996

Abstract

HERNANDEZ GAMARRA, Antonio; LOZANO ESPITIA, Luis I.  and  MISAS ARANGO, Martha. PUBLIC DEBT DISJUNCTIVE: PAY OR EXCISE. Rev.econ.inst. [online]. 2000, vol.2, n.3, pp.149-184. ISSN 0124-5996.

This paper contributes to the debate regarding national government debt. It asks if government should excise public debt through inflation or pay it as it was stipulated, and argues that, from an economic and social point of view, what is desirable is the just fulfillment of State obligations. First section describes the evolution of national government finances over the last ten years. Second section shows different simulations to analyze the determinants of interest payments. Final section examines proposals that seek to reduce public debt though monetary emission and discusses some of its possible consequences.

Keywords : public debt; fiscal deficit; monetary policy; bank.

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