|
on Public Economics |
| By: | Qiu, Xincheng (Peking University); Russo, Nicolo (Goethe University Frankfurt) |
| Abstract: | This paper examines income tax systems in over thirty countries over the past forty years using microdata from the Luxembourg Income Study. We show that income tax systems worldwide are well approximated by a two-parameter log-linear effective tax function. We provide country- and year-specific estimates and document several insights. First, higher average tax rates are associated with higher progressivity. Second, richer countries have more progressive tax systems. Third, progressivity varies by family structure, with marriage and children associated with higher progressivity. Finally, transfers play an important role in redistribution, making the overall tax-and-transfer function more progressive than the tax function. |
| Keywords: | family structure, income tax progressivity, taxation |
| JEL: | E62 H20 H30 |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp18190 |
| By: | Josip Lesica |
| Abstract: | Using the universe of firm-level tax returns for Canada this paper summarizes the new findings on the responsiveness of small businesses to corporate taxation over the 2001-2019 period. It quantifies the extent to which small businesses in Canada respond to discontinuities in the statutory corporate tax rates, estimates their bunching, and sheds light on real versus reporting responses. The study also contributes to the empirical literature by quantifying the responsiveness of corporate taxable income. |
| Keywords: | Bunching, Small Business, Corporate Taxable Income Elasticity |
| JEL: | J23 M21 |
| Date: | 2025–03–26 |
| URL: | https://d.repec.org/n?u=RePEc:stc:stcp8e:202500300003e |
| By: | Lukyanov, Georgy; Ablyatifov, Emin |
| Abstract: | We embed honesty-based reputation into a Ramsey taxation framework with com-petitive firms and households. In a static benchmark with exogenous trust, there is a sharp cutoff below which the optimal policy sets no taxes and above which the optimal tax take rises with trust. In the dynamic model, beliefs evolve through noisy public monitoring of delivered public goods; the planner’s problem is well posed, the value is increasing and convex in beliefs, and optimal revenue is monotone in reputation with a trust threshold that is weakly below the static cutoff. With multiple broad instruments and symmetric monitoring, the dynamic force acts through the total revenue scale; the tax mix is indeterminate along an equivalence frontier. Blackwell-improving monitor-ing and greater type persistence expand the optimal scale and shift the trust threshold inward. The model delivers clear policy prescriptions for building fiscal capacity in low-trust environments and testable links between measured trust, verifiability, and revenue. |
| Keywords: | Optimal taxation; Government reputation; Ramsey problem; Credibility; Fiscal capacity |
| JEL: | H21 H30 E62 D82 C73 |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:tse:wpaper:131041 |
| By: | Edward Lane |
| Abstract: | For more than 25 years, the Social Security Trust Fund was projected to run out of money in 2033 (give or take a few years), potentially causing benefits to be severely reduced in the absence of corrective legislative action. Today (February 2024), projections are made by the Social Security Administration that indicate that future benefits will need to be reduced by roughly 25 percent or taxes will need to be increased by about 33 percent, or some combination to avoid benefit curtailment. While Congress will most probably prevent benefits from being reduced for retirees and those nearing retirement, the longer Congress and the president take to address the shortfall, the more politically unpalatable (and possibly draconian) the solutions will be for all others. Dozens of proposals are being evaluated to address the long-term problem by mainstream benefits experts, economists, think tanks, politicians, and government agencies but, with rare exceptions from a few economists, none address the short-term problem of Trust Fund depletion, provide a workable roadmap for the long-term challenges, or consider fundamental financing differences between the federal government and the private sector. This paper aims to address these issues by suggesting legislative changes that will protect the Social Security system indefinitely, help ensure the adequacy of benefits for retirees and their survivors and dependents, and remove confusing and misleading legislative and administrative complexity. In making recommendations, this paper will demonstrate that the Social Security Trust Funds, while legally distinct, are essentially an artificial accounting contrivance within the US Treasury that have become a tool to force program changes that, for ideological reasons, will likely shift an increasing financial burden onto those who can least bear it. Finally, while the focus of this paper is on the Social Security system, it would be incomplete without also addressing, albeit in a limited way, the larger political issue of the nation's debt and deficit along with the implications for inflation. |
| Keywords: | Social Security; FICA; Taxation; Taxes; Trust Fund; Trust Funds; OASI; OASDI; Medicare; Deficit; Inflation; Welfare; Treasury; Debt; Old-age |
| JEL: | H00 H50 H51 H53 H55 H61 H62 H63 H21 H22 H23 H24 H31 E62 |
| Date: | 2024–02 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1042 |
| By: | Damián Pierri (Universidad de Buenos Aires. Facultad de Ciencias Económicas. CONICET–Universidad de Buenos Aires. Instituto Interdisciplinario de Economía Política (IIEP). Buenos Aires, Argentina.); Domenico Ferraro (Arizona State University. Department of Economics.) |
| Abstract: | The paper develops a business cycle model with multi-plant firms featuring minimum labor requirements that generate occasionally binding capacity constraints, implying state-dependent and nonlinear effects of labor tax changes on aggregate hours. |
| Keywords: | Capacity utilization; Labor taxes; Aggregate hours elasticity; Multi-plant firms; Hours constraints |
| JEL: | E22 E23 E24 E32 E62 H24 H25 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:ake:iiepdt:2024-96 |
| By: | Esteban Garcia-Miralles (Banco de Espana); Maximilian Freier (European Central Bank); Sara Riscado (OECD); Chrysa Leventi (European Commission); Alberto Mazzon (European Commission); Glenn Abela (Central Bank of Malta); Laura Boyd (Central Bank of Ireland); Baiba Brusbarde (Latvijas Banka); Marion Cochard (Banque de France); David Cornille (National Bank of Belgium); Emanuele Dicarlo (Banca d’Italia); Ian Debattista (5Central Bank of Malta); Mar Delgado-Tellez (Banco de Espana); Mathias Dolls (ifo Institute); Ludmila Fadejeva (Latvijas Banka); Maria Flevotomou (Bank of Greece); Florian Henne (Banque centrale du Luxembourg); Alena Harrer-Bachleitner (Office of the Austrian Fiscal Council); Viktor Jaszberenyi-Kiraly (Magyar Nemzeti Bank); Max Lay (ifo Institute); Laura Lehtonen (De Nederlandsche Bank); Mauro Mastrogiacomo (De Nederlandsche Bank); Tara McIndoe-Calder (Central Bank of Ireland); Mathias Moser (Oesterreichische Nationalbank); Martin Nevicky (National Bank of Slovakia); Andreas Peichl (ifo Institute); Myroslav Pidkuyko (Banco de Espana); Mojca Roter (Banka Slovenije); Frederique Savignac (Banque de France); Andreja Strojan Kastelec (Banka Slovenije); Vaidotas Tuzikas (Lietuvos bankas); Nikos Ventouris (Bank of Greece); Lara Wemans (Banco de Portugal) |
| Abstract: | This paper presents a comprehensive characterization of "fiscal drag" - the increase in tax revenue that occurs when nominal tax bases grow but nominal parameters of progressive tax legislation are not updated accordingly - across 21 European countries using a microsimulation approach. First, we estimate tax-to-base elasticities, showing that the progressivity built in each country's personal income tax system induces elasticities around 1.7-2 for many countries, indicating a potential for large fiscal drag effects. We unpack these elasticities to show stark heterogeneity in their underlying mechanisms (tax brackets or tax deductions and credits), across income sources (labor, capital, self-employment, public benefits), and across the individual income distribution. Second, we extend the analysis beyond these elasticities to study fiscal drag in practice between 2019 and 2023, incorporating observed income growth and legislative changes. We quantify the actual impact of fiscal drag and the extent to which government policies have offset it, either through indexation or other reforms. Our results provide new insights into the fiscal and distributional effects of fiscal drag in Europe, as well as useful statistics for modeling public finances. |
| Keywords: | personal income tax, inflation, indexation, bracket creep |
| JEL: | D31 H24 E62 |
| Date: | 2025–10–14 |
| URL: | https://d.repec.org/n?u=RePEc:ltv:wpaper:202507 |
| By: | Giulia Aliprandi; Alice Chiocchetti; Manon Francois; Laure Heidmann |
| Abstract: | Using exhaustive microdata on the worldwide activity of multinational firms from Country-by-Country Reports linked to employer-employee data, we study how profit shifting affects workers' earnings. We estimate that large French multinationals shift 19% of their foreign profits annually to low-tax jurisdictions, resulting in €10.3 billion shifted out of France and €3.7 billion in lost tax revenues. Exploiting France's mandatory profit-sharing policy, which mechanically links subsidiary-level reported profits to workers' compensation, we show that profit shifting reduces annual employees' earnings by 2.6%. Low-income workers are disproportionately affected, the bottom 10% losing 3.2% of wages compared to 2.3% for top 10% earners. Changing the profit-sharing formula to account for global, rather than subsidiary-level, profitability would increase wages by 1.9% overall and 4.1% for workers in profit-shifting subsidiaries. |
| Keywords: | multinational firms, profit shifting, tax revenue, incidence |
| JEL: | F23 H25 H26 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_12202 |
| By: | Abhishek Seth (Indian Institute of Technology Roorkee); Manish Kumar Singh (Indian Institute of Technology Roorkee, xKDR Forum); Diya Uday (xKDR Forum) |
| Abstract: | Property tax is the most important source of own revenue for Indian cities, yet it has failed to keep pace with rapid urban economic growth. In this paper, we address this gap in two steps: first, we measure whether property taxes in India are buoyant, that is, whether they rise proportionately with income; and second, we examine whether buoyancy differs systematically across valuation systems - Annual Rental Value (ARV), Unit Area Value (UAV), and Capital Value (CV). Using a balanced panel of 2, 470 Urban Local Bodies in 23 states (2018-19 to 2022-23) from the City-Finance portal, we estimate buoyancy via fixed-effects regressions linking property tax demand to nominal GSDP. Our findings suggest modest overall buoyancy (0.96), with ARV outperforming CV and UAV. Robustness checks confirm the pattern, highlighting that valuation implementation quality, not statutory form, drives revenue responsiveness in rapidly urbanizing economies. |
| JEL: | H2 H71 H72 C23 R51 |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:anf:wpaper:42 |
| By: | Alessandro Balestrino; Lisa Grazzini; Annalisa Luporini |
| Abstract: | We study the roles of quantity and quality of public education in an OLG model in which the working adult cares for her child's education as well as for her elderly parent's consumption, and spends time providing assistance to her parent. A more educated agent has more ability, hence she earns more and provides better assistance. First, we identify the optimal quality-quantity mix that a parent chooses as a function of policy (school fees, income tax, pension). Then, we discuss in a steady-state framework the socially efficient determination of the policy tools. We find that school fees tend to reduce education quantity by boosting working time for both kids and adults, and generally favour the generation of working adults (even though they are the ones paying them), possibly at the expense of a negative impact on the well-being of the young and of the elderly. The opposite is true if education is mostly financed through the income tax. Overall quality is only moderately sensitive to changes in the policy mix. |
| Keywords: | Education Policy, Redistributive taxation |
| JEL: | H42 H52 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:frz:wpaper:wp2025_14.rdf |
| By: | Parolin, Zachary (The Institute for New Economic Thinking at the Oxford Martin School, University of Oxford); Glasner, Benjamin (Economic Innovation Group); Mincy, Ronald (Columbia University); Wimer, Christopher (Columbia University) |
| Abstract: | This study investigates whether expansions to the Earned Income Tax Credit (EITC) have reduced the intergenerational persistence of poverty in the United States. Using 50 years of Panel Study of Income Dynamics data, we estimate how variation in the generosity of the EITC across time, place, and family size differentially affects the long-run economic circum-stances of children born into poverty versus children not born into poverty. We find that the EITC has favorable long-run effects on pre-tax/transfer poverty overall, but not on post-tax/transfer poverty; instead, public income transfers received in adulthood effectively offset the higher pre-tax/transfer poverty rate among adults benefiting less from EITC expansions. Moreover, whether the EITC reduces intergenerational poverty depends largely on mobility measure, income definition, and model specification. We find that the EITC may reduce an absolute measure of poverty persistence based on pre-tax/transfer income; however, we find consistent evidence that the EITC does not reduce relative poverty persistence or improve any persistence measure based on post-tax/transfer income. Our conclusions are broadly consistent across 1, 296 alternative model specifications, and we are able to reconcile our findings with alternative conclusions from prior research. Employment-conditional refundable tax credits likely improve average long-run economic circumstances, but may be less effective than previously understood at reducing the intergenerational persistence of poverty. |
| Keywords: | EITC, poverty, intergenerational mobility |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:amz:wpaper:2025-22 |
| By: | Rod Tyers (Economics Programme, University of Western Australia) |
| Abstract: | Motivation is offered for the scenario in which a large country, such as the US, imposing a general tariff, would make its citizens worse off. Notwithstanding revenue gains toward fiscal balance, standard theory anticipates contracting welfare. Incorporating monetary policy effects sees the potential for negative effects larger than the standard dead-weight efficiency losses if the monetary response is restrictive enough to target inflation. A global model is then used to simulate the effects a US general tariff, demonstrating that, while trading partners would be hurt by the tariff, the US economy would also contract, unless its own monetary policy were sufficiently expansionary to sustain the value of financial assets. Nonetheless, the tariff effects are also shown to be dwarfed by those of a proposed capital income tax break, which redirects investment to the US and would yield larger domestic gains and larger, more punitive, foreign losses. If trading partners retaliate in kind there is no welfare equilibrium under which the US adopts a general tariff only, though, under most criteria, the combination of tariffs and capital income tax relief turns out to be a dominant strategy for both the US and other regions. |
| Keywords: | general tariff, capital income tax break, monteary policy |
| JEL: | F3 F4 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:uwa:wpaper:25-08 |
| By: | Bosco, Bruno Paolo; Bosco, Carlo Federico; Maranzano, Paolo |
| Abstract: | Ignoring the possible hierarchical clustering of the data that frequently characterises the structure of labour markets implies that studies of the effects of income tax changes on labour supply use less than necessary information on the variability of the labour response. Estimation efficiency is reduced and relevant relationships affecting the agents’ reaction to net wage changes remain undetected. Motivated by the desire to implement an estimation procedure that accommodates a nested hierarchical statistical structure of labour supply macro data into of a causal-effect framework, we propose a novel multilevel DiD model that can estimate labour responses to exogenous tax hikes taking the above hierarchical structure into consideration. Using Italy as a case study, we examine the labour response to exogenous income tax changes using a hierarchical DiD model modified to account for the existence of different sources of variation of the data (regional and provincial labour markets) as well as for various possible clustering of the data (territorial, age and gender). We compare results obtained from various nested and non-nested procedures and show that our multilevel variant of the DiD model generates gains in efficiency with respect to approaches that ignore the clustering nature of the labour data. The hierarchical multilevel DiD procedure permits to qualify labour response in terms of cluster membership and to shed light on aspects of the tax issues not highlighted by current literature. |
| Keywords: | Labor and Human Capital, Research Research Methods/Statistical Methods |
| Date: | 2025–10–15 |
| URL: | https://d.repec.org/n?u=RePEc:ags:feemwp:373337 |
| By: | Andrea Arroyo Petro; Vincenzo Bove; Jessica Di Salvatore; Roberto Nisticò |
| Abstract: | Civil wars often erode state sovereignty, as institutions are replaced or co-opted by armed groups that establish informal governance structures. Among these, rebel taxation emerges as a key tool for financing wartime activities and administering territories. We explore whether rebel taxation during conflict is linked to fiscal capacity after conflict. |
| Keywords: | Post-conflict, Governance, Taxation, Fiscal capacity, Statebuilding |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:unu:wpaper:wp-2025-69 |
| By: | Lekha S. Chakraborty; Yadawendra Singh |
| Abstract: | Against the backdrop of demographic transition in India, the study highlights the necessity of integrating the elderly population as a critical factor in formula-based intergovernmental fiscal transfers. The demographic transition, characterized by an increasing elderly population, imposes unique fiscal challenges on states, necessitating a revision of transfer formulas to ensure equitable and efficient resource distribution. The paper employs a historical analysis of fiscal devolution criteria, and analyzes the impact of incorporating the elderly population into the devolution formula on the share of states in the total tax transfer to states. The findings indicate that integrating the elderly population into the tax devolution formula can significantly alter the distribution of resources among states, with states benefiting more while having a relatively larger elderly population. The study recommends considering demographic changes by incorporating the elderly to working age population ratio as a criterion used by the Sixteenth Finance Commission to promote a more equitable and efficient allocation of resources. |
| Keywords: | fiscal transfer; tax devolution; demographic transition; gender inequality |
| JEL: | H77 J11 J16 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1056 |
| By: | David Boisclair; Xavier Dufour-Simard; Pierre-Carl Michaud |
| Abstract: | In this paper, we paint a portrait of the evolution of retirement incomes over the last 20 years, and highlight some of the burning policy questions we think are important and deserve in our view more research. We also discuss the potential outlook for retirement incomes in decades to come under the current retirement income system. Our analysis leads us to conclude that seniors have done well in the last decades and that the retirement income system has met both its income replacement and poverty alleviation objectives quite well, but that the changing landscape will soon expose cracks which policymakers should address now rather than later. |
| Keywords: | income replacement rates, poverty, pensions, savings, retirement |
| JEL: | J14 J26 H55 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:rsi:irersi:19 |
| By: | Badalyan, Sona (Institute for Employment Research (IAB), Nuremberg, Germany ; CERGE-EI) |
| Abstract: | "This paper studies how labor demand factors - specifically worker substitutability and job-specific skills - shape employment responses to a rise in the early retirement age. Using a regression discontinuity design, I exploit a 1999 German reform that eliminated the option for women to retire at age 60. Before the reform, older workers could exit voluntarily, thereby imposing turnover costs on firms. Afterward, firms were better able to retain less substitutable workers for whom turnover costs are higher. At the same time, the loss of early pension eligibility reduced workers’ outside options, allowing firms to offer lower wages, often through partial retirement." (Author's abstract, IAB-Doku) ((en)) |
| Keywords: | IAB-Open-Access-Publikation |
| JEL: | H32 H55 J21 J24 J26 |
| Date: | 2025–10–14 |
| URL: | https://d.repec.org/n?u=RePEc:iab:iabdpa:202514 |
| By: | Ana Abrunhosa; António Galvão; Sofia Terlica |
| Abstract: | Decentralisation in Portugal, driven by Framework Law No. 50/2018, represents an ambitious step in the transfer of powers from central government to local authorities. Overall, this process can optimise resource allocation and promote more efficient public management. However, the specialist literature emphasises that the success of decentralisation depends on robust financing models and sound governance. In this article, we analyse the evolution of decentralisation in the areas of education, health and social action in Portugal and the financing model, with particular attention to the Decentralisation Financing Fund (DFF). Based on this analysis, we propose a new financing model based on five variables that are crucial to the success of decentralisation. We conclude that, for decentralisation to be efficient and promote greater territorial cohesion, the financing model in Portugal must be based on the distribution of tax revenues at the central government level, complemented by a distribution among municipalities based on municipal tax revenues. |
| JEL: | H77 H71 H72 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ptu:wpaper:o202502 |
| By: | Coleman Drake; Mark K. Meiselbach; Daniel Polsky |
| Abstract: | Enrollment in the Health Insurance Marketplaces created by the Affordable Care Act reached an all-time high of approximately 25 million Americans in 2025, roughly doubling since enhanced premium tax credit subsidies were made available in 2021. The scheduled expiration of enhanced subsidies in 2026 is estimated to leave over seven million Americans without health insurance coverage. Ten states have created supplemental Marketplace subsidies, yet little attention has been paid to how to best structure these subsidies to maximize coverage. Using administrative enrollment data from Maryland's Marketplace, we estimate demand for Marketplace coverage. Then, using estimated parameters and varying budget constraints, we simulate how to optimally allocate supplemental state premium subsidies to mitigate coverage losses from enhanced premium subsidy expiration. We find that premium sensitivity is greatest among enrollees with incomes below 200 percent of the federal poverty level, where the marginal effect of an additional ten dollars in monthly subsidies on the probability of coverage is approximately 6.5 percentage points, and decreases to roughly 2.5 percentage points above 200 percent FPL. Simulation results indicate that each 10 million dollars in annual state subsidies could retain roughly 5, 000 enrollees, though the cost-effectiveness of these subsidies falls considerably once all enrollees below 200 percent of the federal poverty level are fully subsidized. We conclude that states are well positioned to mitigate, but not stop, coverage losses from expanded premium tax credit subsidy expiration. |
| Date: | 2025–10 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2510.13791 |
| By: | Chirag Lala |
| Abstract: | The Inflation Reduction Act (IRA) is criticized for "derisking" private investment by increasing the gains to private firms. The derisking critique argues that the IRA insufficiently disciplines private firms; it does not utilize legal or financial penalties which would force firms to undertake green investment and bar emissions-intensive investment. This paper answers that critique by providing a Post-Keynesian theory of capital expenditure. It argues all industrial policies promote investment by removing or mitigating risks in an environment of fundamental uncertainty. Industrial policies tackle different risks and can be assessed or compared on their effectiveness in doing so. An insufficient investment growth rate need not be an indication of their failure, but that complementary policies are required to mitigate risks or make risks calculable. For instance, the IRA's uncapped Investment Tax Credit (ITC) increases clean energy investment by reducing project reliance on expensive debt financing. The ITC does not address other barriers to clean energy investment: transmission and distribution, permitting, or the need for clean firm resources. This is not a failure of discipline, but rather an indication that more state intervention must facilitate rapid decarbonization. The derisking critique's emphasis on disciplining private firms into investment reallocation underestimates real obstacles to investment, particularly how those obstacles shape choices faced by firms. It also affects the character of investment itself, making it inaccurate to describe investment as the allocation of fixed financial resources. The derisking critique lacks a mechanism connecting financial or legal disciplinary measures on firms to an increase in green capital expenditure. This causes the derisking critique to miss a more productive avenue for investigating industrial policy conditionalities: linking them to a broader state-led coordination of varying industrial policy priorities, the timing of capital expenditure to meet them, and seizing of opportunities presented by their success. Originally issued as EDI Working Paper No. 19, March 2024. |
| Keywords: | Tax Credits; IRA; Inflation Reduction Act; Clean Energy; Industrial Policy; Investment Theory; Capital Theory; Risk; Uncertainty |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:lev:wrkpap:wp_1069 |
| By: | Olegs Tkacevs (Latvijas Banka); Karsten Staehr (Eesti Pank) |
| Abstract: | This paper examines the effects of macroeconomic and budget balance shocks on public debt trajectories in the euro area. Country-specific SVAR models are used to identify various shocks, which are subsequently incorporated into local projection models that use panel data to estimate the impulse responses. The analysis indicates that a positive GDP shock leads to a persistent decline in the debt-to-GDP ratio, while a positive GDP deflator shock reduces the debt ratio only temporarily. A positive interest rate shock results in a substantial and lasting increase in the debt ratio. A positive primary balance shock, reflecting discretionary austerity, lowers the debt ratio considerably, albeit with a lag of around one year. We find evidence of statedependent and non-linear effects. Fiscal austerity is more effective in reducing debt after periods of economic expansion than after recessions, and more effective when the initial public debt is low than when it is high. Moreover, a positive GDP shock reduces the debt stock to a larger extent when the debt stock is large than when it is low. Finally, the response of debt to a positive budget balance shock is more persistent and statistically significant when the shock is large. |
| Keywords: | public debt; fiscal policy; macroeconomic shocks; euro area |
| JEL: | H6 H63 E62 |
| Date: | 2025–10–14 |
| URL: | https://d.repec.org/n?u=RePEc:ltv:wpaper:202508 |