In a static setup, migration of unskilled labor may be resisted by the entire native-born population because, being relatively low earners, migrants are net beneficiaries of the fiscal system. However, the paper shows that with a pay-as-you-go pension, an important pillar of the welfare state,...

Recent empirical evidence has suggested a positive association between various measures of investor protection and financial markets development, and between financial markets development and economic growth. We introduce investor protection in a simple extension of the two-period overlapping...