منابع مشابه
Why Government Bonds Are Sold by Auction and Corporate Bonds by Posted-price Selling
When information is costly, a seller may wish to prevent prospective buyers from acquiring information, for the cost of information acquisition is ultimately borne by the seller. A seller can achieve the desired prevention of information acquisition through posted-price selling, by offering prospective buyers a discount that is such as to deter them from gathering information. No such preventio...
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Real net social wealth (NSSW), the real present value of social security benefits received minus social security taxes paid, is frequently used as a direct proxy measure for the impact of a social security system on generation welfare. The present paper establishes to the contrary, for a class of overlapping generation economies, that NSSW can be simultaneously negatively correlated with welfar...
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1. Introduction Addressing the relationship between political order and development, Samuel Huntington (1968, p. 1) once stated, " the most important … distinction among countries concerns not their forms of government but their degree of government. " Events in Angola, Afghanistan, Sierra Leone and Zaire illustrate Huntington's point: Political order may not be sufficient, but, these cases sug...
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This paper analyses the European financial crisis through the lens of the sovereign bond liquidity. Using novel data we show that government securities are the prime collateral in the European repo market, which is becoming a primary source of funding for the banking system in the Euro area. We document that the repo haircuts on peripheral government bonds sharply increased during the crisis, r...
متن کامل"Social Utility" and Government Transfers of Wealth: An Austrian Perspective
One of the tenets of the Austrian position is that the free market invariably increases "social utility." If government interferes with the market process, Ludwig von Mises wrote, "it can only impair satisfaction; it can never improve it" (p. 744). The reasoning is as follows. Since any voluntary exchange will take place only when each participant expects to benefit, "the very fact that an exch...
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ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 1974
ISSN: 0022-3808,1537-534X
DOI: 10.1086/260266