On the Interplay between Intergenerational Transfers and Natural Resources
Journal article, Peer reviewed
Published version
Permanent lenke
http://hdl.handle.net/11250/2466140Utgivelsesdato
2014Metadata
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Originalversjon
South-Eastern Europe Journal of Economics. 2014, (2), 167-199.Sammendrag
This paper studies an overlapping generations model with selfish agents, natural resources and human capital externalities. The initial result is to quantify the economic effects of intergenerational transfers by comparing a complete markets allocation with transfers to an allocation without transfers due to incomplete markets. The core contribution is then to show that a higher resource regeneration rate boosts the effect of transfers on economic growth for both allocations, although it also implies a higher gap in growth performances between them. Finally, it is shown that transfers can be financed through a constant lump-sum tax relative to the output level.