Barbie, Martin; Hagedorn, Marcus; Kaul, Ashok - 2001
debt Ponzi schemes eliminate any Pareto-improving role for a government in a competitive economy with complete markets? Is … that government debt can Pareto-improve upon market allocations through a mechanism that resembles a Ponzi scheme. But … concept of interim Pareto optimality, we ensure that all generations voluntarily participate in our insurance scheme. Yet, the …