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Welfare-State Remedy to Globalization and Aging Forces

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Listed:
  • Assaf Razin
  • Efraim Sadka

Abstract

Globalization, in the form of financial flows, which is always advantageous on an aggregative level, typically creates winners and losers, if left exclusively to market forces. The paper demonstrates that typical welfare-state redistribution policies, governed by a majority of the population, spreads the globalization’s gains from trade to all income groups, even those who are low skilled and have small capital endowments. Therefore, financial globalization of a welfare-state economy generates a Pareto improvement.

Suggested Citation

  • Assaf Razin & Efraim Sadka, 2018. "Welfare-State Remedy to Globalization and Aging Forces," NBER Working Papers 24754, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:24754
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    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F6 - International Economics - - Economic Impacts of Globalization
    • H0 - Public Economics - - General

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