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Public Debt, Private Wealth, and Fiscal Agency

The present paper introduces the concept, and the model of fiscal agency, i.e. of a state of nature, in which the accumulation of public debt serves to increase the wealth of private sector, through leveraging private savings, and driving down real interest rates. Empirical research, conducted in a sample of 27 countries provides strong support to that concept. Fiscal agency proves that the crowding out of private savings by public debt is rather an exception, than a general rule among developed countries. It also seems to be a plausible explanation of public indebtedness in the otherwise rich social systems.