Horizontal and vertical integration and securities trading and settlement

Jens Tapking and Jing Yang ()
Additional contact information
Jing Yang: Bank of England, http://www.bankofengland.co.uk/

No 387, Working Paper Series from European Central Bank

Abstract: This paper surveys intergenerational altruism in neoclassical growth models. It first examines Barro's approach to intergenerational altruism, whereby successive generations are linked by recursive altruistic preferences. Individuals have an altruistic concern only for their children, who in turn also have altruistic feelings for their own children. The conditions under which the Ricardian equivalence (debt neutrality) theorem applies are specified. The effectiveness of fiscal policy is further analysed in the context of an economy populated by heterogeneous families differing with respect to their degree of intergenerational altruism. Other forms of altruism, referred to as ad hoc altruism, are also examined, along with their implications for fiscal policy.

Keywords: Securities trading and settlement; vertical and horizontal integration; substitutes and complements. (search for similar items in EconPapers)
JEL-codes: G21 G15 L13 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fin and nep-fmk
Date: Written 2004-08
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Related works:
Working Paper: Horizontal and vertical integration in securities trading and settlement
Journal Article: Horizontal and Vertical Integration in Securities Trading and Settlement (2006)
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Persistent link: http://EconPapers.repec.org/RePEc:ecb:ecbwps:20040387

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