説明
Abstract It is shown that if consumers own land, the free rider problem does not occur because a change in local government financing is completely reflected in the price of land. This means that the Ricardian equivalence theorem holds not only for national government bonds but also for local government bonds.
収録刊行物
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- Economics Letters
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Economics Letters 44 (1-2), 191-195, 1994-01
Elsevier BV