and borrowing are analyzed and their welfare implications discussed. More generous bailouts, financed by the high … welfare of both the high-income and the emerging-market economies …

and borrowing are analyzed and their welfare implications discussed. More generous bailouts, financed by the high … welfare of both the high-income and the emerging-market economies …

model yields both a long-run growth-maximizing and welfare-maximizing expenditure rate and allocation of expenditure on … productive capital. The welfare-maximizing rate of expenditure is less than the growth-maximizing rate, with the opposite being …