Showing 1 - 10 of 31
Money, which provides liquidity services, is distinct from debt. The introduction of a bank that issues money in … exchange of debt and pays out its profit as dividend to shareholders modifies the model of overlapping generations. The set of …
Persistent link: https://www.econbiz.de/10005779561
Persistent link: https://www.econbiz.de/10005207645
Money, which provides liquidity services, is distinct from debt. The introduction of a bank that issues money in … exchange for debt and pays out its profit as dividend to shareholders modifies the model of overlapping generations. The set of …
Persistent link: https://www.econbiz.de/10005043640
debt overhang problem for a set of 49 poor countries. The proposal requires additional contributions from 23 rich countries … debt cancellation, the outstanding debt of the 49 poor countries would be totally extinct by year 2015. …
Persistent link: https://www.econbiz.de/10005634032
, namely the sharing ot the national public debt. Extending Dreze's distributive neutrlaity condition, we use the generational … accounting technique and propose a dynamic debt-sharing criterion which takes into account both the true debt future generations …
Persistent link: https://www.econbiz.de/10005669335
Much attention has been given to the impact of fiscal competition on the level of public expenditure, but relatively little to the impact on its composition. Using a broadly familiar and reasonably rich model of fiscal competition in the presence of mobile capital, this paper establishes a...
Persistent link: https://www.econbiz.de/10005669290
Harsanyi (1955) proved that, in the context of uncertainty, social ratio- nality and the Pareto principle impose severe constraints on the degree of priority for the worst-off that can be adopted in the social evaluation. Since then, the literature has hesitated between an ex ante approach that...
Persistent link: https://www.econbiz.de/10008642214
This paper examines how to satisfy a separability condition related to “independence of the utilities of the dead” (Blackorby et al., 1995; Bommier and Zuber, 2008) in the class of “expected equally distributed equivalent” social orderings (Fleurbaey, 2010). It also inquires into the...
Persistent link: https://www.econbiz.de/10010610452
the stochastic order typically used in the univariate case. These utility functions are multivariate risk averse, and … risk seeking. We provide insight into these two contrasting forms of stochastic dominance, develop some criteria to compare …
Persistent link: https://www.econbiz.de/10008836130
Persistent link: https://www.econbiz.de/10005779463