Debt, deficits, and inflation: An application to the public finances of India
研究印度公共部门的偿债能力，分析在主要赤字不变的情况下，稳定债务-GNP比率所需的货币化与通胀，发现即使最大化通胀税也不足以恢复偿债能力，必须削减主要赤字。
The paper studies the solvency of the Indian public sector and the eventual monetization and inflation that would be implied by stabilization of the debt-GNP ratio in the absence of changes in the primary deficit. The nonstationarity of the discounted public debt suggests that indefinite continuation of the pattern of behavior reflected in the historical time-series process is inconsistent with the maintenance of solvency. This message is reinforced by the recent behavior of the debt-GNP ratio and of the ratio to GNP of the sum of the primary budget surplus and seigniorage. Our estimates of the base money demand function suggests that even maximal use of the inflation tax would not be sufficient to restore solvency. Measures to reduce the primary deficit are therefore unavoidable.