@techreport{oai:shiga-u.repo.nii.ac.jp:00009845,
 author = {Atsumasa, Kondo},
 issue = {No. A-21},
 month = {Sep},
 note = {Technical Report, This paper theoretically investigates the role of the tax system in sustaining
the public debt. The paper explicitly derives the critical level of the public
debt-to-GDP ratio that is compatible with a balanced growth path. If the
ratio exceeds this critical level at time 0, then it diverges to +∞ as time
passes. Analyzing a situation where the government marginally increases the
consumption tax rate, the paper reveals the extent to which the government
can then cut the income tax rate while maintaining the sustainability of
public debt. Tax rates that are compatible with the balanced growth are
also derived as a function of the initial level of debt-to-GDP ratio., CRR Discussion Paper, Series A, No. A-21, pp. 1-20},
 title = {Sustainability of Public Debt in an AK Model with Complex Tax System},
 year = {2016}
}