The Generalized Theory of Transfers and Welfare: Bilateral Transfers in a Multilateral World

Jagdish N. Bhagwati; Richard A. Brecher; Tatsuo Hatta

doi:10.7916/d8445x5z

The Generalized Theory of Transfers and Welfare: Bilateral Transfers in a Multilateral World

Jagdish N. Bhagwati; Richard A. Brecher; Tatsuo Hatta

American Economic Review 1983 open access

We demonstrate that the phenomenon of immiserizing transfers from abroad (and the analytically symmetric phenomenon of enriching transfer payments) in the presence of market stability can arise only if there is a distortion characterizing the economy in question.

DOI: 10.7916/d8445x5z
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