The motives to borrow by Antonio Fatás, Atish R. Ghosh, Ugo Panizza and Andrea F. Presbitero published by IMF, indicated by Alvaro Manoel (5/2019). “Governments issue debt for good and bad reasons. While the good reasons – intertemporal tax-smoothing, fiscal stimulus, and asset management – can explain some of the increases in public debt in recent years, they cannot account for all of the observed changes…”
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