Regionalism is taking two forms. It is occurring firstly through free trade arrangements and secondly through monetary arrangements. In this paper, we highlight the issues related to the reversal of sequence between trade integration (free trade agreement) and monetary integration (a monetary...

This paper explains how real wages are procyclical for those who stay with the same employer. On the basis of the Panel Study of Income Dynamics data for the period of 1974-75 to 1990-91, we find that the substantial wage procyclicality among job stayers is mostly accounted for by great wage...

Classified broadly, two motives for intra-family transfers exist: altruism and selfishness. This paper examines two selfish hypotheses − the exchange motive (strategic bequest motive)and the demonstration effect − using a new Japanese micro data set. My analysis of the determinants of...

Recently, several papers have re-examined the so called production efficiency theorem and the Atkinson and Stiglitz theorem on commodity taxes in the optimal taxation literature. Naito (1998) showed that indirect redistribution through production distortion or consumption distortion can...

This paper analyzes optimal nonlinear income and inheritance taxation by incorporating two types of models that were developed independently in the public finance literature: an infinite horizon representative agent model such as Judd (1995), Chamley (1986) and Lucas (1992), and asymmetric...

This paper analyzes the role of production distortion for income redistribution in an international trade model. In particular, this paper examines the role of the Stolper and Samuelson effect (Stolper and Samuelson 1941) on efficient income redistribution. It first shows that production...

Cross-country growth regressions have become an increasingly common tool in empirical development research. But these regressions typically do not attempt to distinguish among countries in different stages of development. Two empirical methods are used to test for such differences. Several of...