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Debt and welfare in economies with land
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Kokonas, Nikolaos and Polemarchakis, H. M. (2017) Debt and welfare in economies with land. Economic Theory, 64 (4). pp. 805-824. doi:10.1007/s00199-016-0986-z ISSN 0938-2259.
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Official URL: http://dx.doi.org/10.1007/s00199-016-0986-z
Abstract
In a stochastic economy of overlapping generations subject to uninsurable risks, debt can implement Pareto improvements in welfare. This is the case even in the presence of long-lived assets and no short sales.
Item Type: | Journal Article | ||||||||||
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Subjects: | H Social Sciences > HJ Public Finance | ||||||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||||||
Library of Congress Subject Headings (LCSH): | Debts, Public, Generations -- Economic aspects | ||||||||||
Journal or Publication Title: | Economic Theory | ||||||||||
Publisher: | Springer | ||||||||||
ISSN: | 0938-2259 | ||||||||||
Official Date: | December 2017 | ||||||||||
Dates: |
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Volume: | 64 | ||||||||||
Number: | 4 | ||||||||||
Page Range: | pp. 805-824 | ||||||||||
DOI: | 10.1007/s00199-016-0986-z | ||||||||||
Status: | Peer Reviewed | ||||||||||
Publication Status: | Published | ||||||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||||||
Date of first compliant deposit: | 13 October 2016 | ||||||||||
Date of first compliant Open Access: | 13 October 2016 |
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