The financial structure of government debt in OECD countries: an examination of the time-consistency issue

Article Abstract:

Debt ownership and maturity are vital in addressing commitment problems in OECD countries, as confirmed by an analysis conducted on 15 OECD countries between the 1974-1989 period. Results suggest that ownership and maturity are essential in deciding whether a government should continue its taxation plan and levy debt taxes. It was further shown that if debt costs differ across holders, government ownership of debt is subject to time-consistency considerations. Changes in financial structure have also been found to trigger changes in the debt stock.

Debt, Taxation, Organization for Economic Cooperation and Development, Government ownership, Nationalization

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Average marginal tax rates revisited

Article Abstract:

A review of works related to estimated average marginal income and Social Security tax rates was undertaken to analyze the average marginal tax rates from 1981 to 1994. A decline ranging from 16% to 12% was noted from the average marginal effective income tax rate since 1981. The 5% to 6.5% increase recorded in the average marginal Social Security tax rate continues to make the combined federal tax burden relatively high.

Tax Law, Economics, Research and Development in the Social Sciences and Humanities, Economic research, Tax rates, Social security taxes

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The optimum quantity of debt

Article Abstract:

It was shown that the optimum quantity of debt will be significant if debt is effective in easing consumption over the lifetime of a person. The maximum quantity of debt will be insignificant if debt crowds out capital and, hence, decreases consumption. Or, it will be insignificant if the incentive impacts of higher distortionary taxes are vital.

Research, Public debts, Loans

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