An overlapping generations model is set up in this paper to analyze social security policy in a representative democracy with asymmetric information. The model considers not only redistribution between generations but also redistribution within generations according to individual labor incomes....

To clarify the causal links between financial activity and economic growth, three theoretical models are analyzed and a structural equation path models is estimated. In the modeling part, poverty traps result from large fixed costs or high proportions of real investment to run a financial...