Deficit financing and indexed annuities in Australia

Markwell, Don, 1959- (1981). Deficit financing and indexed annuities in Australia Honours Thesis, School of Economics, University of Queensland.

       
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Author Markwell, Don, 1959-
Thesis Title Deficit financing and indexed annuities in Australia
School, Centre or Institute School of Economics
Institution University of Queensland
Publication date 1981
Thesis type Honours Thesis
Language eng
Subjects 14 Economics
Formatted abstract This thesis assesses a proposal for "indexed annuities" advanced by Hon. W.C. Wentworth, Sir Leslie Melville, and Professors Ronald Henderson, J.O.N. Perkins and J.W. Nevile in 1979. Recent Australian experience with deficits and public sector borrowing is first outlined. The scheme is next considered as a form of non-inflationary borrowing from the non-bank public. Its possible role as part of an expansionary fiscal policy is explored and its possible impact on savings considered. It is argued that the scheme would cause less disruption to the capital market than alternatives. The social value of the scheme providing an inflation-proof investment for, say, recipients of lump sum superannuation benefits - is examined. It is concluded that the scheme could play a useful role in meeting the public sector borrowing requirement, as an effective means of monetary sterilisation, and as a form of retirement investment. Its use to (at least in part) finance a more stimulatory fiscal policy is encouraged.

 
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