Eugeni, Sara - In: Journal of International Economics 95 (2015) 1, pp. 83-97
United States can be attributed to their poor pay-as-you-go systems. The model predicts that emerging countries run a trade … also implies that an improvement of the pay-as-you-go system in China would have the effect of reducing the imbalances. In … accordance with the theory, we find that the higher is the percentage of the working population covered by the pay-as-you-go …