Bài giảng Kinh tế vĩ mô: Chương 15 - Phạm Thế Anh

macro<br /> <br /> CH<br /> <br /> M c tiêu c a ch<br /> <br /> NG 15<br /> <br /> N Chính Ph<br /> !<br /> (<br /> <br /> b n th n m<br /> <br /> +<br /> <br /> % * $<br /> <br /> (<br /> <br /> -<br /> <br /> pham.theanh@yahoo.com<br /> (d ch và s a theo bài gi ng c a Ron Cronovich)<br /> © 2002 Worth Publishers, all rights reserved<br /> <br /> C ,<br /> @ 66<br /> )6<br /> <br /> CHAPTER 15<br /> <br /> c trên th gi i<br /> <br /> ?<br /> 6 )<br /> 9<br /> :=:<br /> 9 :<br /> :;:8<br /> <br /> 7<br /> <<br /> 7<br /> 1<br /> 7<br /> 0<br /> <br /> 8 %)<br /> 26 6 ,<br /> % )<br /> 8 %)<br /> <br /> .<br /> 4<br /> .<br /> .<br /> <br /> 2 )3<br /> <br /> Th chi n II<br /> <br /> 1<br /> ><br /> 0<br /> <<br /> 0<br /> 7<br /> <br /> 5 6<br /> )<br /> / )% $<br /> <br /> 0<br /> 1<br /> <br /> 1<br /> <br /> 0.8<br /> <br /> 1<br /> B<br /> 1<br /> 7<br /> <br /> Government Debt<br /> <br /> 0.6<br /> <br /> A4<br /> B><br /> <br /> "<br /> <br /> Cách m ng<br /> <br /> 0.4<br /> <br /> 0<br /> 1791<br /> <br /> M$ N<br /> <br /> T<br /> <br /> 1831<br /> <br /> 1851<br /> <br /> 1871<br /> <br /> 1891<br /> <br /> 1911<br /> <br /> 1931<br /> <br /> Government Debt<br /> <br /> " 0><br /> >><br /> <br /> % &<br /> '% W0 >%P N A B % X $ , W0 7%P N 0 ><br /> B<br /> B0<br /> E<br /> >><br /> %P<br /> % 2 Q@ /$<br /> ?<br /> Y* $ T E . N 0 ><br /> 0I<br /> >><br /> ? %N $ %) V $<br /> %"<br /> Z [\ $ ]<br /> % ^ %) # $<br /> _$<br /> %N $ % "<br /> <br /> 1951<br /> <br /> 1971<br /> <br /> 1991 2001<br /> slide 3<br /> <br /> ng lai Tài khoá<br /> @<br /> ,& *R<br /> a %P b<br /> %<br /> a % ] % c%N $<br /> a<br /> M$ $ #<br /> ) %) $<br /> % # d[\ $ ]<br /> ,& *<br /> <br /> 25<br /> <br /> % dân s M<br /> <br /> AB<br /> B><br /> <br /> Th chi n I<br /> <br /> AB<br /> B><br /> <br /> OP<br /> % 2 Q@ / 0 . N A 4 1 B N A B<br /> ?R . I<br /> B> 4 I<br /> BE<br /> ? +6 $<br /> S$<br /> %<br /> % " %N $<br /> %!<br /> *<br /> T $U<br /> (<br /> V M<br /> <br /> M$ N<br /> <br /> 1811<br /> <br /> CHAPTER 15<br /> <br /> slide 2<br /> <br /> L<br /> <br /> N i<br /> chi n<br /> <br /> 0.2<br /> <br /> M trong nh ng n m g n ây<br /> M$ N<br /> <br /> slide 1<br /> <br /> T su t N Chính ph - GDP c a M<br /> <br /> .<br /> 1<br /> .<br /> E<br /> .<br /> A<br /> <br /> AA<br /> ><br /> A><br /> ><br /> <br /> F<br /> )6 ,<br /> ;<br /> 5<br /> ,<br /> ;3 ,6<br /> 6<br /> @)<br /> 6<br /> <br /> Government Debt<br /> <br /> 1.2<br /> <br /> HI @ /<br /> ?J<br /> <br /> AB<br /> A<br /> A4<br /> ><br /> A.<br /> ><br /> <br /> KL<br /> <br /> %)<br /> <br /> Bài gi ng c a TS Ph m Th Anh<br /> <br /> HI @ /<br /> ?J<br /> <br /> KL<br /> <br /> #$ % &<br /> <br /> ),<br /> <br /> N. Gregory Mankiw<br /> <br /> G<br /> F<br /> %<br /> D$<br /> 6<br /> <br /> Th c t<br /> <br /> "<br /> <br /> '% $&<br /> <br /> kinh t v mô<br /> <br /> N chính ph c a các n<br /> <br /> CHAPTER 15<br /> <br /> ng<br /> <br /> 20<br /> 15<br /> 10<br /> <br /> 0><br /> >A<br /> `- % &<br /> %"<br /> <br /> '% , D<br /> <br /> S$<br /> %<br /> <br /> %<br /> <br /> "<br /> <br /> Y )<br /> <br /> %<br /> <br /> 5<br /> 1970 1990 2010 2030 2050 2070<br /> <br /> t 65 tu i tr<br /> CHAPTER 15<br /> <br /> Government Debt<br /> <br /> slide 4<br /> <br /> CHAPTER 15<br /> <br /> Government Debt<br /> <br /> lên<br /> slide 5<br /> <br /> 1<br /> <br /> T<br /> <br /> ng lai Tài khoá<br /> <br /> Các v n<br /> <br /> ;* $ # e<br /> Y<br /> f<br /> g<br /> N<br /> %"<br /> $<br /> %N $<br /> h * $ #<br /> g $ g % "<br /> <br /> A `:<br /> <br /> V n<br /> <br /> ng 1:<br /> 1:<br /> <br /> K( [ "% %% g%<br /> )k $<br /> % Z %"<br /> * ^<br /> % &<br /> '% % Z %" [k $ ><br /> :<br /> <br /> =<br /> <br /> % &<br /> X ,\<br /> <br /> ?<br /> <br /> e<br /> [<br /> <br /> CHAPTER 15<br /> <br /> V n<br /> <br /> ,<br /> %R<br /> ∆<br /> <br /> '% H,<br /> % &<br /> n $%<br /> (<br /> <br /> $<br /> <br /> $<br /> <br /> % &<br /> %:<br /> <br /> O<br /> % &<br /> <br /> %*% h R<br /> '% m H Z %<br /> %<br /> J<br /> <br /> slide 8<br /> <br /> CHAPTER 15<br /> <br /> $&<br /> <br /> $<br /> <br /> m W0 %P<br /> 4<br /> <br /> m >> 7× W1 .%P m W1 %P<br /> 4<br /> B<br /> E<br /> <br /> CHAPTER 15<br /> <br /> V n<br /> <br /> Government Debt<br /> <br /> ol<br /> <br /> slide 9<br /> <br /> ng 3:<br /> <br /> Các kho n n không<br /> <br /> O<br /> <br /> ]<br /> <br /> b<br /> <br /> % &<br /> %)c $<br /> <br /> J−H Z%<br /> <br /> ]<br /> <br /> * RY<br /> %<br /> <br /> Government Debt<br /> <br /> ^<br /> <br /> %!<br /> <br /> b<br /> <br /> %)<br /> <br /> ]<br /> <br /> Y g %)<br /> f<br /> $q<br /> <br /> %<br /> <br /> [k $ %<br /> SJ<br /> <br /> * :<br /> slide 10<br /> <br /> %)<br /> <br /> c tính<br /> '% [w<br /> R<br /> <br /> %)<br /> h$<br /> g $<br /> <br /> r ,'R @ j<br /> [<br /> g% %<br /> N<br /> T $<br /> j ,' $ %<br /> [<br /> ( %)<br /> :<br /> t O 6 b % * $ b %- % &<br /> '% u $<br /> tO 6%<br /> $&<br /> * % &<br /> '%<br /> $<br /> %<br /> ] [V v Z $<br /> n%<br /> % Z<br /> b [V Z $<br /> n%<br /> %<br /> r<br /> %!<br /> <br /> A<<br /> BB<br /> <br /> % &<br /> '% % Z %" m W0 %P − W1 %P m WA %P<br /> 4<br /> E<br /> .<br /> % X $,<br /> <br /> ng 2:<br /> <br /> R<br /> '% m Z %<br /> <br /> % ( ,q<br /> -<br /> <br /> % m 47<br /> I<br /> <br /> π<br /> <br /> Tài s n v n<br /> <br /> sb<br /> % &<br /> <br /> N<br /> <br /> '% % 6 %<br /> [ b%<br /> X [ b%<br /> <br /> m W1 .%P<br /> B<br /> <br /> '%<br /> <br /> Government Debt<br /> <br /> ol<br /> <br /> L m phát<br /> <br /> '% ,<br /> <br /> -<br /> <br /> π<br /> <br /> slide 7<br /> <br /> ng 1:<br /> <br /> r ,'R<br /> <br /> [<br /> [k $ ><br /> :<br /> <br /> ! %)o π<br /> %o<br /> p % 6 -<br /> <br /> Government Debt<br /> <br /> p % &<br /> g% Z<br /> %<br /> :<br /> % &<br /> <br /> %<br /> <br /> ,<br /> <br /> ol<br /> <br /> K<br /> "<br /> <br /> j<br /> l<br /> <br /> mπ<br /> <br /> $ J<br /> '% % Z %"<br /> <br /> d<br /> <br /> CHAPTER 15<br /> <br /> V n<br /> <br /> L m phát<br /> <br /> O) $ %) # $<br /> %N $<br /> %* g mπ<br /> ∆<br /> <br /> $<br /> <br /> 1 C<br /> :<br /> <br /> slide 6<br /> <br /> ng thâm h t<br /> <br /> *<br /> <br /> E C<br /> :<br /> <br /> Government Debt<br /> <br /> ol<br /> <br /> n ol<br /> <br /> %<br /> <br /> 0 O<br /> :<br /> <br /> C ,Z [<br /> D 2$&<br /> i* gR<br /> N<br /> %P<br /> % 2 Q@ /<br /> ?<br /> 0E<br /> >><br /> 1I<br /> ><br /> 01<br /> >><br /> BI<br /> E<br /> 0.<br /> >><br /> 07<br /> >I<br /> CHAPTER 15<br /> <br /> liên quan<br /> <br /> CHAPTER 15<br /> <br /> $ % h$<br /> b<br /> $ % h$<br /> <br /> ! H X ,\<br /> "% '<br /> $ S<br /> <br /> Government Debt<br /> <br /> slide 11<br /> <br /> 2<br /> <br /> V n<br /> <br /> ol<br /> <br /> ng 4:<br /> <br /> K t lu n<br /> <br /> Chu k kinh doanh<br /> <br /> O &<br /> '% %<br /> ] % 6<br /> d<br /> & %* ] ^ %Z g $ H[<br /> (<br /> % * $% "%<br /> e J:<br /> Cn $<br /> $<br /> M$<br /> *<br /> $<br /> b<br /> $<br /> %)V !<br /> N h:<br /> r ,'R ;Z $ %N $ % &<br /> '%<br /> %<br /> %"<br /> , Z V )g<br /> %<br /> x<br /> @<br /> R<br /> H<br /> T<br /> '% %- _ %<br /> ,' $z Q ,Z %)!<br /> J<br /> %] $<br /> U%] $ %<br /> V _<br /> $U % % $ b<br /> CHAPTER 15<br /> <br /> ,<br /> ,<br /> % % $ b<br /> #$<br /> <br /> $<br /> <br /> b<br /> <br /> C n $ %%<br /> { %)c $<br /> Cn $<br /> { %)c $<br /> * %% &<br /> [<br /> * & '%<br /> '%<br /> [<br /> <br /> %<br /> <br /> %<br /> <br /> ,<br /> <br /> c<br /> c<br /> <br /> $c y% &<br /> M$<br /> %<br /> "<br /> %"<br /> %Z<br /> ! :<br /> <br /> Government Debt<br /> <br /> slide 12<br /> <br /> N chính ph có th c s là m t v n<br /> <br /> ?<br /> <br /> CHAPTER 15<br /> <br /> Government Debt<br /> <br /> slide 13<br /> <br /> Quan i m truy n th ng v c t gi m thu &<br /> s gia t ng t ng ng c a n chính ph<br /> 2$S - R ↑# ↓<br /> <br /> s<br /> <br /> ? - R<br /> t #<br /> t<br /> t<br /> <br /> ( R<br /> !i<br /> <br /> (<br /> <br /> " i<br /> !<br /> <br /> (<br /> <br /> %)<br /> <br /> % * $<br /> +<br /> <br /> ),<br /> <br /> %)V - _ %Z<br /> !<br /> %"<br /> $R ↑$ ↓ %<br /> %" VR ↑ε ↓ &<br /> H<br /> % &<br /> '% % h $<br /> <br /> + %,<br /> - R<br /> t %N $ %) V $ e<br /> %<br /> ,o $<br /> $ #%<br /> h<br /> <br /> CHAPTER 15<br /> <br /> Government Debt<br /> <br /> slide 14<br /> <br /> Quan i m c a Ricardo<br /> <br /> ) *<br /> $+<br /> % %) [k $<br /> $<br /> V $ $v "<br /> ,\ $ % "% b<br /> * $<br /> f<br /> %%<br /> L % Y % { )T $<br /> @ /% Z<br /> ?<br /> $<br /> %) $ $S - :<br /> <br /> CHAPTER 15<br /> <br /> %<br /> <br /> (<br /> "<br /> <br /> Government Debt<br /> <br /> -<br /> <br /> e [v<br /> <br /> J<br /> %" -% %)- $<br /> & L<br /> <br /> Government Debt<br /> <br /> Tính h p lý c a T<br /> <br /> ng<br /> <br /> slide 15<br /> <br /> ng Ricardo<br /> <br /> 2$ # % ! ,\ $ v<br /> % h$<br /> c[ "% )k $ b S $<br /> %<br /> % "<br /> % %)<br /> [k $<br /> l g% Z $ %N $ % "<br /> %) $ % h $<br /> g<br /> QQQ % 6 $ %)^ b %QQQ [k $<br /> $ % " S$<br /> %<br /> :<br /> ? e<br /> S$<br /> %<br /> % "<br /> $<br /> $ #% !<br /> ,\ $ $ L ! , e c<br /> $ %N $ % ! ,\ $:<br /> sc% "% b %<br /> [g<br /> $ % " S$<br /> %<br /> ( %)<br /> % " %) $ % h $ :<br /> ="%<br /> R O "% b<br /> & %N $ [k $<br /> % "% b<br /> $<br /> , e % "%<br /> b<br /> * $<br /> $ ]:<br /> <br /> ) [V ? , + ), HA 0 J<br /> 4><br /> $L &<br /> % %) ( [V + [6 D ))<br /> )%<br /> O 6'(<br /> b S$<br /> %<br /> <br /> CHAPTER 15<br /> <br /> %<br /> _%<br /> <br /> n $<br /> <br /> g%<br /> %!<br /> Z<br /> %"<br /> <br /> slide 16<br /> <br /> CHAPTER 15<br /> <br /> Government Debt<br /> <br /> slide 17<br /> <br /> 3<br /> <br /> Các v n<br /> <br /> v iT<br /> <br /> OL<br /> v<br /> =<br /> $<br /> % h$<br /> ,<br /> <br /> e<br /> <br /> ng<br /> <br /> ng Ricardo<br /> <br /> $S R<br /> c $ # % ! ,\ $<br /> <br /> c<br /> <br /> % (<br /> <br /> Z S$<br /> %<br /> <br /> %<br /> <br /> $<br /> "<br /> <br /> :<br /> <br /> +<br /> <br /> $[ g<br /> R<br /> g% * $ # % ! ,\ $<br /> $<br /> N $<br /> ( -%<br /> _ % ! ,\ $ %*<br /> c<br /> , e u<br /> %!<br /> % "<br /> S$<br /> %<br /> :<br /> C % " b % h$ R<br /> 2" $ # % ! ,\ $ ,Z " )k $ $<br /> X $ %)<br /> % " u )h<br /> % " b % h$<br /> % v b S<br /> %<br /> $<br /> % " b<br /> u<br /> c$<br /> h ,<br /> e c%N $<br /> %! :<br /> CHAPTER 15<br /> <br /> Government Debt<br /> <br /> B ng ch ng ch ng l i T<br /> 2 M$ $ # $ g<br /> )k $ b S $<br /> %<br /> %<br /> % * % j<br /> l*<br /> 2$ # % ! ,\ $<br /> %) [k $<br /> v %N $ % ":<br /> O "% b %<br /> &<br /> b S$<br /> %<br /> % "<br /> %":<br /> ? * b<br /> !<br /> %- :<br /> <br /> CHAPTER 15<br /> <br /> '%<br /> <br /> slide 18<br /> <br /> ng<br /> <br /> ng Ricardo?<br /> <br /> O h$<br /> h $ + ), e<br /> "<br /> +6 $<br /> $<br /> O h$<br /> h $ + ), :<br /> % ( ,Z %<br /> u<br /> $<br /> % ! %) $ % h $<br /> % ($<br /> ,'<br /> <br /> v<br /> Z -<br /> <br /> g<br /> <br /> ! [<br /> <br /> (<br /> %}<br /> <br /> Government Debt<br /> <br /> a % &<br /> a<br /> <br /> slide 20<br /> <br /> .<br /> <br /> '%<br /> $& )<br /> $& % b% -<br /> <br /> O e%<br /> a<br /> <br /> %,<br /> <br /> SR<br /> b<br /> %<br /> <br /> a<br /> <br /> L "%<br /> $& ) %<br /> a L "%<br /> $&<br /> Z g e<br /> %<br /> <br /> CHAPTER 15<br /> <br /> $ %)<br /> X%<br /> <br /> $ h$ H %<br /> %)^<br /> <br /> Government Debt<br /> <br /> %<br /> <br /> -<br /> <br /> .<br /> <br /> Y % j ] s"<br /> & [k $<br /> $ N<br /> Y %<br /> (<br /> b<br /> e ,<br /> $M<br /> <br /> (<br /> <br /> ce<br /> <br /> e )k $<br /> <br /> g $<br /> % " b<br /> <br /> L<br /> <br /> Government Debt<br /> <br /> .<br /> <br /> yC<br /> % ! % L ~z<br /> <br /> %<br /> %<br /> <br /> CHAPTER 15<br /> <br /> 2<br /> !<br /> <br /> 0<br /> <br /> * ! b $M<br /> %)c $<br /> e [ "%<br /> <br /> %)^ $<br /> $&<br /> $:<br /> <br /> .<br /> <br /> slide 21<br /> <br /> Các khía c nh khác v n chính ph<br /> <br /> % (<br /> % %) [k $ b<br /> %<br /> % (<br /> g $ h (<br /> ^<br /> %H k<br /> $<br /> $ %)^ % Z<br /> M $ $ # S $ M%)<br /> " J<br /> %<br /> %b<br /> <br /> &<br /> <br /> 2<br /> %" [ [w<br /> % &<br /> '% u<br /> j ,' $<br /> t] ^<br /> $U<br /> t] ^ % "<br /> %<br /> t%<br /> &<br /> * %<br /> e<br /> % "%<br /> <br /> Các khía c nh khác v n chính ph<br /> " /0 1<br /> !<br /> <br /> ,<br /> -<br /> <br /> g% *<br /> <br /> $<br /> <br /> slide 19<br /> <br /> Các khía c nh khác v n chính ph<br /> <br /> %<br /> <br /> (<br /> <br /> ng Ricardo?<br /> <br /> Government Debt<br /> <br /> CHAPTER 15<br /> <br /> !<br /> <br /> e<br /> <br /> l,<br /> <br /> ng<br /> <br /> KL<br /> M $ N A4R<br /> B><br /> ;Z S $<br /> %<br /> % " +6 $<br /> "<br /> % &<br /> '% %N $:<br /> O "% b<br /> * $ $<br /> f<br /> % % Z %N $ %P<br /> $<br /> *<br /> %N $<br /> &$<br /> :<br /> ABR<br /> B0<br /> O] $ % * $ @ )$6s:|: D % Z<br /> 6<br /> b<br /> b<br /> f % % " k<br /> %<br /> %":<br /> K<br /> % L % l p<br /> e<br /> b g % "<br /> $<br /> $ # % ! ,\ $<br /> $<br /> h:<br /> O<br /> ! $L<br /> g% j * $ # % ! ,\ $<br /> j ,' $ g% L %<br /> e %N $ % !<br /> (<br /> % ! ,\ $:<br /> <br /> Y<br /> %)#<br /> <br /> B ng ch ng ch ng l i T<br /> <br /> b<br /> <br /> g% *J<br /> ^<br /> <br /> slide 22<br /> <br /> $3<br /> %<br /> Q@ $<br /> )6<br /> <br /> $<br /> 3 %)<br /> <br /> ) [V<br /> $ 11<br /> 0<br /> <br /> g% * $ #<br /> $% % V $<br /> ^<br /> % ! % & % '%: sc e<br /> e )k $<br /> ^<br /> $<br /> S$<br /> M$<br /> %!<br /> c [V v<br /> )h<br /> $ # g % " %) $ % h $<br /> M $ $ # g % " %) $ % h $<br /> $%<br /> %)v )<br /> "% ^<br /> c % (<br /> %<br /> "<br /> K&<br /> g% l,<br /> (<br /> )<br /> Y % j ]<br /> & [k $ f%<br /> e V %)! :<br /> <br /> CHAPTER 15<br /> <br /> Government Debt<br /> <br /> % Z<br /> M$<br /> $<br /> $<br /> $&<br /> <br /> slide 23<br /> <br /> 4<br /> <br /> Tóm t t ch<br /> <br /> Các khía c nh khác v n chính ph<br /> 4 5 * 6<br /> !<br /> <br /> 7<br /> <br /> 8<br /> <br /> O &<br /> '% $&<br /> " % &<br /> '% % h $<br /> % %) [k $<br /> 2<br /> )<br /> L%<br /> Y<br /> \<br /> 2<br /> <br /> :<br /> g%<br /> <br /> CHAPTER 15<br /> <br /> AO<br /> :<br /> <br /> -<br /> <br /> $<br /> <br /> 0C<br /> :<br /> <br /> $<br /> <br /> $<br /> <br /> ^% "<br /> <br /> Tóm t t ch<br /> <br /> t<br /> t<br /> <br /> slide 24<br /> <br /> "<br /> <br /> % &<br /> <br /> '%<br /> <br /> %<br /> <br /> p % 6 M$ %<br /> ]<br /> <br /> ( %)<br /> % * $ b S$<br /> %<br /> "<br /> % %) [k $<br /> %N $ % ! ,\ $<br /> $<br /> % "% b<br /> * ,& : O) $ g%<br /> %" V<br /> ,q " f<br /> %<br /> h<br /> L % %<br /> h<br /> _ * $ %) $ ,<br /> %<br /> h : O) $ g%<br /> %" V<br /> %N $ %P $<br /> *<br /> $<br /> Y % { )T $<br /> H<br /> %N $ % &<br /> '% % h $ - J:<br /> <br /> $<br /> <br /> $<br /> <br /> [V<br /> %<br /> <br /> v<br /> <br /> %<br /> %)<br /> d<br /> <br /> Government Debt<br /> <br /> CHAPTER 15<br /> <br /> Tóm t t ch<br /> <br /> slide 25<br /> <br /> ng<br /> <br /> . sL<br /> :<br /> <br /> "%<br /> %"<br /> *<br /> %S $&<br /> & [k $ X% u [V v<br /> u<br /> %)V<br /> b j ,' $<br /> %<br /> k ] ^<br /> $ % "<br /> %<br /> &<br /> * - $<br /> X $ % " $M<br /> % " b:<br /> <br /> %<br /> <br /> 1i<br /> :<br /> <br /> ( + ),<br /> )k $ b S $<br /> %<br /> % "<br /> % %) [k $<br /> $<br /> V $ $v "<br /> % ! ,\ $<br /> % "% b<br /> * $<br /> , e<br /> $<br /> V $ " f<br /> % L%<br /> Y %<br /> { )T $:<br /> Government Debt<br /> <br /> {<br /> <br /> $<br /> $%<br /> <br /> ng<br /> <br /> EO 6<br /> :<br /> <br /> CHAPTER 15<br /> <br /> n $<br /> <br /> %)<br /> <br /> t [w<br /> g% *<br /> H ,'<br /> h$<br /> %) $ % h $<br /> *<br /> g $ b %- J<br /> t<br /> $%<br /> "<br /> b _$<br /> ,<br /> <br /> * %":<br /> <br /> Government Debt<br /> <br /> * b<br /> <br /> %<br /> <br /> :<br /> <br /> % (<br /> %N $ %<br /> )<br /> ( % [<br /> [V v<br /> $<br /> % ( $ )k $ ) )<br /> % (<br /> %)<br /> <br /> % 6@/<br /> ?<br /> <br /> [v<br /> <br /> % ( ,q<br /> <br /> ng<br /> <br /> slide 26<br /> <br /> 72<br /> :<br /> t<br /> t<br /> t<br /> <br /> % (<br /> b _$<br /> R<br /> %<br /> %)^<br /> % (<br /> ( $<br /> X $<br /> " %o % " b b %$<br /> % " b % h$<br /> <br /> % ( ,q "<br /> %<br /> *<br /> <br /> % (<br /> <br /> CHAPTER 15<br /> <br /> $<br /> <br /> L %<br /> <br /> ^% "<br /> %)^<br /> * %" X<br /> $<br /> )n% *<br /> <br /> Government Debt<br /> <br /> g%<br /> 6 $w %<br /> <br /> :<br /> slide 27<br /> <br /> 5<br /> <br />