Showing 1 - 10 of 15
This paper develops a dynamic framework to analyze the political sustainability of economic reforms in developing countries. First, we demonstrate that economic reforms that are proceeding successfully may run into a political impasse, with the reform's initial success having a negative impact...
Persistent link: https://www.econbiz.de/10009399369
redistribution is no business of the law. This efficiency-only doctrine is not that redistribution is unworthy as a social objective … initial distortion arising from redistribution pre se, through taxation or through law, and an additional distortion all its … inapplicable to most of what is commonly thought of as redistributive law. Redistribution is best supplied by a combination of law …
Persistent link: https://www.econbiz.de/10005037437
This paper studies optimal linear income taxation and redistributive social insurance when the former has the traditional labor distortion and the latter generates both ex ante and ex post moral hazard. Private insurance is available and individuals differ in labor productivity and in loss...
Persistent link: https://www.econbiz.de/10005688264
of a public pension system: the contribution rate and its degree of redistribution. The pension regime affects … fundamental components of a public pension system: the contribution rate and its degree of redistribution. The pension regime …
Persistent link: https://www.econbiz.de/10010779267
The effect of a widening of the distribution of income upon society's choice of the amount of redistribution is a … balancing of two opposing forces: the increase in redistribution in response to the increased ratio of mean to median income and …
Persistent link: https://www.econbiz.de/10010615127
Redistribution programs are constrained because those not working may be either unable to work, voluntarily unemployed …
Persistent link: https://www.econbiz.de/10005787822
, redistribution. Amongst the themes are: the potential usefulness of apparently inefficient policy instruments in overcoming the self …-selection constraints on redistribution and limiting the damage that ill-intentioned policymakers can do; the continued (perhaps increased … redistribution may plausibly generate efficiency gains, the likelihood that some trade-off between equity and efficiency is …
Persistent link: https://www.econbiz.de/10005787859
Most financial asset pricing models assume frictionless, competitive markets that imply the absence of arbitrage opportunities. Given the absence of arbitrage opportunities and complete asset markets, there exists a unique martingale measure that implies martingale pricing formulae and...
Persistent link: https://www.econbiz.de/10005688315
This paper provides a theory of general equilibrium with externalities and/or monopoly. We assume that the firm's decisions are based on the preferences of shareholders and/or other stakeholders. Under these assumptions, a firmrm will produce fewer negative externalities than the comparable...
Persistent link: https://www.econbiz.de/10005688448
This paper proves the existence of a general equilibrium in a financial model with transaction costs. A general equilibrium is shown to exist in a model with convex trading technology, in which the agents include consumers, production firms, brokers or dealers. When the trading technology is...
Persistent link: https://www.econbiz.de/10005688505