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The obstacles to economic growth in Mongolia are modeled with a supply-side growth model calibrated to represent inefficient use of resources and intermediation. Progressive removal of inefficiencies over time by means of privatization of banks and industrial enterprises potentially leads to...
Persistent link: https://www.econbiz.de/10005263703
The Basel Committee on Banking Supervision has proposed linking capital requirements for bank loans to ratings by commercial credit rating agencies. Estimates for 20 emerging market economies show that sovereign ratings react procyclically to crisis indicators. Ratings deteriorate if the real...
Persistent link: https://www.econbiz.de/10005264127
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I offer a critical reading of Thomas Piketty's book, Le Capital au XXIème siècle, Seuil, 2013.
Persistent link: https://www.econbiz.de/10010742026
This paper discusses the thesis put forward by Piketty (2014a) stressing the risk of an explosion of wealth inequality … inequality than the one highlighted in the book —namely, a world-wide global tax on capital. …
Persistent link: https://www.econbiz.de/10011123713
In this paper we study the macroeconomic impact of a policy which changes the redistributive properties of an unfunded pension system. Using an overlapping generations model with a closed economy and heterogenous agents, we show that a weaker linkbetween contributions and benefits has an impact...
Persistent link: https://www.econbiz.de/10009643779
Abstract: The first challenge for economic growth theory is to understand the transition from stagnation to growth at the time of the Industrial Revolution and in particular to identify the main factor(s) that triggered the take-off. Doing so also helps to understand why there are poor and rich...
Persistent link: https://www.econbiz.de/10010961076
incomes of high-skilled survivors, thus increasing inequality. …
Persistent link: https://www.econbiz.de/10010931221
After much empirical documentation of patterns of inequality, we address in this paper the need for a convincing … interpretation of the causes of inequality in advanced countries. We set the current debate in the context of the evolution of ideas … on inequality, including the debate on Thomas Piketty's book. We argue that four 'engines of inequality' can be …
Persistent link: https://www.econbiz.de/10011335951
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