English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Zendy Plus

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Zendy Tools

Zendy Open

The paper introduces an unfunded public pension program into an overlapping generations framework recently proposed by Magill and Quinzii (2003). The crucial distinction of the Magill and Quinzii framework is that the financial value of a firm may be lower than the replacement value of its capital. The present paper shows that in this framework unfunded public pensions negatively affect the financial value of firms but have no effect on real capital accumulation and welfare.

Public pensions and the role of real versus financial capital