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The transfer paradox in a one-sector overlapping generations model

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Cremers, Emily T.
Sen, Partha

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Abstract

This paper examines the effects of international income transfers on capital accumulation and welfare in a one-sector overlapping generations model. It is shown that a strong form of the transfer paradox - in which the donor country experiences a welfare gain while the recipient country experiences a welfare loss - may occur both in and out of steady state. In addition, it is shown that a weak form of the transfer paradox - where either the donor or recipient (but not both) experiences a paradoxical welfare effect - may characterize all segments of the transition path not already characterized by the strong transfer paradox.

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Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

Volume (Year): 32 (2008)
Issue (Month): 6 (June)
Pages: 1995-2012
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Handle: RePEc:eee:dyncon:v:32:y:2008:i:6:p:1995-2012

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  1. Sosin, Kim H & Fairchild, Loretta G, 1984. "Nonhomotheticity and Technological Bias in Production," The Review of Economics and Statistics, MIT Press, vol. 66(1), pages 44-50, February. [Downloadable!] (restricted)
  2. Yano, Makoto, 1983. "Welfare aspects of the transfer problem," Journal of International Economics, Elsevier, vol. 15(3-4), pages 277-289, November. [Downloadable!] (restricted)
  3. Bhagwati, Jagdish N & Brecher, Richard A & Hatta, Tatsuo, 1983. "The Generalized Theory of Transfers and Welfare: Bilateral Transfers in a Multilateral World," American Economic Review, American Economic Association, vol. 73(4), pages 606-18, September. [Downloadable!] (restricted)
  4. Mitsuyoshi Yanagihara, 2006. "The strong transfer paradox in an overlapping generations framework," Economics Bulletin, Economics Bulletin, vol. 6(3), pages 1-8. [Downloadable!]
  5. Gale, David, 1974. "Exchange equilibrium and coalitions : An example," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 63-66, March. [Downloadable!] (restricted)
  6. Galor, Oded & Ryder, Harl E., 1989. "Existence, uniqueness, and stability of equilibrium in an overlapping-generations model with productive capital," Journal of Economic Theory, Elsevier, vol. 49(2), pages 360-375, December. [Downloadable!] (restricted)
  7. Andrew B. Abel & N. Gregory Mankiw & Lawrence H. Summers & Richard J. Zeckhauser, 1989. "Assessing Dynamic Efficiency: Theory and Evidence," NBER Working Papers 2097, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Galor, O & Polemarchakis, H M, 1987. "Intertemporal Equilibrium and the Transfer Paradox," Review of Economic Studies, Blackwell Publishing, vol. 54(1), pages 147-56, January. [Downloadable!] (restricted)
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  9. Tan, Kim-Heng, 1998. "International Transfers from Rich to Poor Nations," Review of International Economics, Blackwell Publishing, vol. 6(3), pages 461-71, August.
  10. Bhagwati, Jagdish N & Brecher, Richard A & Hatta, Tatsuo, 1985. "The Generalized Theory of Transfers and Welfare: Exogenous (Policy-imposed) and Endogenous (Transfer-induced) Distortions," The Quarterly Journal of Economics, MIT Press, vol. 100(3), pages 697-714, August. [Downloadable!] (restricted)
  11. Brecher, Richard A. & Bhagwati, Jagdish N., 1982. "Immiserizing transfers from abroad," Journal of International Economics, Elsevier, vol. 13(3-4), pages 353-364, November. [Downloadable!] (restricted)
  12. Haaparanta, Pertti, 1989. "The intertemporal effects of international transfers," Journal of International Economics, Elsevier, vol. 26(3-4), pages 371-382, May. [Downloadable!] (restricted)
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