The socially optimal allocation has been regarded to be unspecifiable because of utility’s interpersonal incomparability, Arrow’s general possibility theorem, and other factors. This paper examines this problem by focusing not on the social welfare function but instead on the utility...

This paper examines the socially optimal allocation by focusing not on the social welfare function but instead on the utility possibility frontier in exogenous growth models with a heterogeneous population. A unique balanced growth path was found on which all of the optimality conditions of all...

This paper studies social welfare in a heterogeneous population under the criteria of efficiency and sustainable heterogeneity. As is well known, heterogeneity in time preference results in substantial inequality. This paper shows that, even if households have heterogeneous preferences, there is...

Abstract: Nowadays, the countries still face new challenges in sustaining their own financial systems, designing a credible regulatory framework, a better cooperation line and a solid cross-border crisis management. The aim of this paper is to underline the main sources of financial instability...

Abstract: The recent global financial crisis has exposed weaknesses in economic policy and financial structure on a national and international level. The aim of this paper is to underline how the present financial crisis affects the financial stability. The study is structured on chapters that...

The financial crisis has exposed the weaknesses in national and international economies, the disruption of the financial systems all over the world. The aim of this paper is to point out the importance of systemic risk management in the European Union (EU). Structured on two parts, the study...