The Transfer Paradox in the One-Sector Overlapping Generations Model
This paper examines the effects of international income transfers on capital accumulationand welfare in a one-sector overlapping generations model. It is shown that a strong form ofthe transfer paradox â€“ in which the donor country experiences a welfare gain while therecipient country experiences a welfare loss â€“ may occur both in and out of steady state. Inaddition, it is shown that a weak form of the transfer paradox â€“ where either the donor orrecipient (but not both) experiences a paradoxical welfare effect â€“ may characterize allsegments of the transition path not already characterized by the strong transfer paradox.
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|Date of creation:||27 Jan 2008|
|Date of revision:|
|Publication status:||Published in Journal of Economic Dynamics and Control 2008, vol. 32, pp. 1995-2012|
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