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Persistent link: https://www.econbiz.de/10011503348
Persistent link: https://www.econbiz.de/10011541057
This paper analyzes the determinants of underfunding of local government's pension funds using a politico-economic overlapping generations model. We show that a binding down payment constraint in the housing market dampens capitalization of future taxes into current land prices. Thus, a local...
Persistent link: https://www.econbiz.de/10012988119
This paper analyzes the determinants of underfunding of local government's pension funds using a politico-economic overlapping generations model. We show that a binding downpayment constraint in the housing market dampens capitalization of future taxes into current land prices. Thus, a local...
Persistent link: https://www.econbiz.de/10012989139
Persistent link: https://www.econbiz.de/10011885424
This paper analyzes the determinants of underfunding of local government's pension funds using a politico-economic overlapping generations model. We show that a binding downpayment constraint in the housing market dampens capitalization of future taxes into current land prices. Thus, a local...
Persistent link: https://www.econbiz.de/10012456354