Economic Analysis of Centralization and Decentralization with Risk Management

我们研究了集中和分散制度下风险管理政策的积极和规范方面。我们还考虑了风险管理政策，其中风险在增长模型中内生发生。通过将宏观财政和货币政策、社会保障改革和财政分权纳入分析框架，我们明确了风险管理的理想属性。我们调查了主要发达国家现行的再分配政策、社会保障结构和地区经济政策，并根据这些国家的实际政策问题得出了有趣的分析结果。我们使用了政治经济学的方法来研究这个问题，人们已经认识到，虽然由于经济增长而产生的污染物等公共有害物的非外部性不一定会增加福利，但减排行为可能会抵消这种非外部性。此外，如果代理人评估增长很多，并设想没有必要进行减排，她从增长中获益很多。因此，一个自然的推测是，增长通常会提高福利，特别是对穷人来说。通过明确纳入优化减排行为，我们表明，猜想不一定是有效的。也就是说，财富差距的缩小可能不会改善环境质量，这甚至会伤害到穷人，他们面临着一个角落的解决方案。我们还发现，世界范围内的经济增长，如果它恶化的环境，将损害贫穷国家，和减排技术是非常低效的，贫穷国家的数量很大。

We have investigated the positive and normative aspects of risk management policy under centralized and decentralized system. We also considered risk management policy where risk occurs endogenously in a growth model setting. By incorporating macro fiscal and monetary policy, social security reform, and fiscal decentralization into the analytical framework, we have clarified the desirable properties of risk management. We investigated the current redistribution policy, the social security structure, and regional economic policy of major developed countries and derived interesting analytical results based on the actual policy issues of these countries. We have used the politico-economic approach to this topic.It is well recognized that although the disexternalities of pubic bads such as pollutants due to economic growth do not necessarily enhance welfare, the abatement behavior may offset such disexternalities. Moreover, if the agent evaluates growth much and conceives no need for conducting abatement, she gains from growth much. Thus, a natural conjecture is that growth normally enhances welfare especially for the poor agent. By explicitly incorporating the optimizing abatement behavior, we showed that the conjecture is not necessarily valid. Namely, a decrease in wealth differentials may not improve the quantity of environment, which could hurt even the poor, who faces a corner solution. We also showed that the worldwide economic growth would hurt the poor country if it deteriorates environment much, and the abatement technology is very inefficient, and the number of poor countries is large.