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The purpose of this paper is to study why decentralized economies often fail to achieve national objective in the presence of externalities. The paper employs a two-period, open economy framework in which the central government allocates its tax revenues among a larger number of individual...
Persistent link: https://www.econbiz.de/10012475365
The purpose of this paper is to study why decentralized economies often fail to achieve national objective in the presence of externalities. The paper employs a two-period, open economy framework in which the central government allocates its tax revenues among a larger number of individual...
Persistent link: https://www.econbiz.de/10013222246
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In this paper we evaluate the current account patterns of China and Germany. We point out that China's current account … surplus as a share of global GDP in recent years resembles that of Germany's. Yet, an important difference is that the Euro … block's current account inclusive of Germany, has overall been balanced, whereas emerging Asia's current account inclusive …
Persistent link: https://www.econbiz.de/10008688988