Оптимальная финансовая репрессия в модели перекрывающихся поколений с эндогенным предложением труда

Fiscal policy rules in an overlapping generations model with endogenous labour supply

This paper investigates the efficiency of equilibrium policies and public expenditure composition under labor market imperfection in a fiscal competition model. The sources of the inefficiency in supplying public goods and inputs with a capital tax are the employment stimulus and fund-raising effects of public inputs and fiscal and employment externalities. Public goods and public inputs are provided optimally if public expenditures are financed by capital and lump-sum taxes. However, if the capital tax is solely available, then public goods and public inputs can be either undersupplied or oversupplied in the second-best sense because jurisdictional governments seek to attract capital and create employment and tax revenues. Hence, in contrast to reports of the earlier literature on fiscal competition, an increase in public input expenditure financed by a decrease in public goods expenditure improves social welfare, depending on the inefficiencies of public goods and public input supplies.

This research advances the development of a sophisticated economic growth model that intricately integrates gender-differentiated labor, endogenous labor supply, and nonlinear progressive income taxation, with the latter's revenues earmarked for public goods provision. Anchored in a framework that encompasses both a production and a public sector financed through taxation, the model delves into the complex interplay among economic growth, the gender division of labor, and progressive income taxation. By employing rigorous simulation techniques, this study meticulously examines the conditions for equilibrium existence and investigates the system's dynamics in response to various parametric alterations. This exploration not only sheds light on the theoretical underpinnings of economic growth and taxation but also offers insights into the policy implications of gender-differentiated labor contributions within the economy.

This paper develops a general trade model with many traded goods, many internationally mobile factors, and with endogenous labor supply. Within this framework, the employment and welfare effects of taxes on trade, on wages and on the returns of the internationally mobile factors are examined. The employment maximizing and the first- and second-best tax structures are determined. The analysis identifies the conditions under which variable labor supply increases the welfare cost of a trade and a capital tax, and demonstrates the need for joint determination of taxes on trade and on the returns of factors in variable domestic supply.

Comment

This study empirically investigates the relationship between economic growth and several factors (investment, private and government consumption, trade openness, population growth and government debt) in Greece, where imbalances persist several years after the financial crisis. The results reveal a long-run relationship between variables. Investment as private and government consumption and trade openness affect positively growth. On the other hand, there is a negative long-run effect of government debt and population growth on growth. Furthermore, the study addresses the issue of break effects between government debt and economic growth. The results indicate that the relationship between debt and growth depends on the debt breaks. Specifically, at debt levels before 2000, increases in the government debt-to-GDP ratio are associated with insignificant effects on economic growth. However, as government debt rises after 2000, the effect on economic growth diminishes rapidly and the growth impacts become negative. The challenge for policy makers in Greece is to halt the rising of government debt by keeping a sustainable growth path. Fiscal discipline should be combined with the implementation of coherent, consistent and sequential growth-enhancing structural reforms.

The Danish pension system is well-developed and almost unique in the OECD. It combines widespread take up of defined contribution pension schemes with high contribution rates set in collective agreements. The original targets for contribution rates have been reached and the system delivers good results, but there are a number of changes that could make it more robust and efficient. The flexibility of the institutional structure could be increased and, while leaving the key parameters of the pension taxation system as they are, other aspects of capital taxation could be improved.

Bu çalışmada dünyada ve Türkiye‘de önemli bir gıda ve endüstriyel hammadde kaynağı olan mısırın ekonomik gelişim seyrinin incelenmesi amaçlanmıştır. Bu amaç doğrultusunda ikincil verilerden derlenen mısırın yetiştirildiği alanı, üretim miktarı, verimliliği, üretim- tüketim dengesi, ithalat-ihracat değerleri, yurtiçi ve yurtdışı fiyatları incelenmiştir. Dünyadaki başlıca mısır üreten ülkeler ile Türkiye‘de mısırın gelişim seyri iç ve dış piyasa açısından değerlendirilmiştir. Dünyada olduğu gibi Türkiye‘de de yıllar itibariyle mısırın verimliliği ve üretim alanları artmış, buna bağlı olarak da hem üretim miktarı hem tüketim miktarında artış olduğu görülmüştür. Amerika Birleşik Devletleri (ABD) mısır üretimi ve tüketiminde ilk sırada yer alırken, mısır en çok hayvansal üretimde yem olarak kullanmıştır. İthalat ve ihracat değerleri incelendiğinde ABD iç tüketimini karşılama açısından başarı göstermiş ve iç tüketimini karşılamanın yanı sıra mısırın ihracatında da önemli rol almıştır. Türkiye‘de ise 2016/17 üretim yılı içerisinde mısırın yeterlilik derecesi %87,80 olarak belirlenmiş ve yıllar itibariyle yeterlilik oranının arttığı belirlenmiştir. Dünyadaki nüfus artışına bağlı olarak gıda talebinde oluşacak artışlar, alternatif enerji kaynağı arayışları ve mısırın kullanım alanının genişlemesine bağlı olarak gelecek yıllarda mısıra olan talebin artmaya devam etmesi ve dolayısıyla yaratılan ekonomik değerinde artması beklenmektedir.

\nEconomic growth has caused a rapid rise in the use of metals and minerals. In addition, the world’s population is projected to rapidly increase, with increases concentrated in Asia and Africa. Asia has become the largest global user of natural resources, and established systems of production and consumption are tailored to the current high levels of natural resource use and the associated emissions. Closing the material cycle loop is a principal strategy to reduce natural resource consumption and associated emissions. Material flow analysis (MFA), widely used to assess the flow and stocks of materials within a system defined in time and space, is regarded as a core tool to assess the sustainability of material use. The objective of this study was to estimate material stocks of iron, copper, and nickel, for which the global demand has risen rapidly in recent years. Specifically, the goal was to examine transitions of the material stock of each substance from 1995 to 2010. The worldwide material stocks of iron, copper, and nickel drastically increased during this period, which coincided with an increase in demand for materials in Asia. The material stock of each substance in Asia increased almost threefold from 1995 to 2010. The material stock of iron, copper, and nickel in Asia accounted for 30%, 26%, and 20% of the world total in 1995, respectively, but these percentages increased to 42%, 37%, and 32% in 2010, respectively. There was also a drastic increase in the per-capita material stock of iron, copper, and nickel in Asia during the same period, but the per-capita material stock of each of these substances in Asia was not yet reached that of North America and Western Europe. The material stocks in Africa increased in line with the population growth in Africa from 1995 to 2010, so the per-capita material stock of each substance in Africa stayed about the same. The per-capita material stocks in Africa are also small compared with developed countries and regions. This situation shows the potential for a greatly increased demand as a result of expansions in production through accelerated industrialization as well as the increased demand for resources accompanying population and economic growth in Asia and Africa.\n

public good whereby the sum of the marginal rates of substitution between the public good and some numeraire private good for all agents who benefit frqm the public good must be equal to the corresponding marginal rate of transformation, i.e., XMRS = MRT. This rule can be implemented in a decentralized fashion if the government has enough financing instruments available, e.g., person-specific lump sum taxes and government debt. However, whether or not the first-best benefit rule can be implemented when the government only has control over relative prices is an open issue. Pigou (1947), Diamond and Mirrlees (1971), Dasgupta and Stiglitz (1971), Atkinson and Stern (1974), Pestieau (1974), and more recently, Wildasin (1979, 1984, 1985), King (1986), and Batina (1987) have considered the effect of decentralizing the government's policy on the optimal first-best benefit rule for a public good. It is generally true that if the government cannot completely control the economy because of a lack of policy instruments, then the first-best benefit rule governing the provision of the public good must be modified as a result.

How Sustainable are Old-Age Pensions in a Shrinking Population with Endogenous Labour Supply?

Tax competition versus tax coordination in a multi-region endogenous growth model with an integrated capital market

We study optimal fiscal policy in a model with agents who are heterogeneous in their labor productivity and wealth, and there is an upper bound on the capital tax rate each period. We focus on Pareto-improving plans. We show that the optimal tax reform is to cut labor taxes and leave capital taxes high in the short and medium run. Only in the very long run would capital taxes be zero. For our calibration labor taxes should be low for the first eleven to twenty-six years, while capital taxes should be at their maximum. This policy ensures that all agents benefit from the tax reform and that capital grows quickly after the reform. Therefore, the long-run optimal tax mix is the opposite of the short- and medium-run one. The initial labor tax cut is financed by deficits, which lead to a positive level of government debt in the long run, reversing the standard prediction that the government accumulates savings in models with optimal capital taxes. The welfare benefits from the tax reform are high and can be shifted entirely to capitalists or workers by varying the length of the transition.

This paper establishes conditions under which public financial policy has neither real nor inflationary effects; under which it has inflationary effects, but not real effects; and under which it has real effects. An increase in government debt (keeping real expenditures fixed), accompanied by a decrease in lump sum taxes has neither inflationary nor real effects (even in a stochastic environment) provided there are no redistribution effects: the increase in supply of government bonds gives rise to an exactly offsetting increase in demand. An increase in the interest rate paid on government debt will be associated with an increase in the rate of inflation, but there will be no real effects. A change in financial policy which preserves the mean rate of return on bonds has no real effects if individuals are risk neutral and changes in the level of debt are offset by changes in lump sum taxes! subsidies for the owners of bonds. Except in these special cases, changes in public financial policy will always have real effects.

Green technology innovation helps to improve both economic and environmental performance simultaneously. How to invest in green technology innovation under emission trading policy is a current issue worthy of attention. However, existing research has not delved into the choices of different green technology innovation models, namely cleaner production technology and end-of-pipe technology, available to firms and governments under the joint implementation of other policies. Thus, this paper studies the optimal model of green technology innovation under emission trading policy and emission tax policy by constructing a two-stage game model suitable for complex decision analysis. The results show that regardless of the value of emission trading price, the optimal green technology innovation choice of the firms is cleaner production technology. Furthermore, the results show that neither conflict nor consistency always exists between governments’ and firms’ choices. When the emission trading price is high, the choice of governments and firms is in conflict; when the emission trading price is low, the choice of the two is consistent, both prefer cleaner production. This study not only enriches the existing research in theory but also provides support for governments to guide the choice of firms and achieve a win–win situation in practice.