10 results on '"Ngoc-Sang Pham"'
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2. Effects of credit limit on efficiency and welfare in a simple general equilibrium model
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Ngoc-Sang Pham and Hien Pham
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Economics and Econometrics ,General equilibrium theory ,media_common.quotation_subject ,05 social sciences ,Financial market ,TheoryofComputation_GENERAL ,Social welfare function ,Microeconomics ,Debt ,0502 economics and business ,Value (economics) ,Economics ,050206 economic theory ,Fraction (mathematics) ,Credit limit ,050207 economics ,Welfare ,media_common - Abstract
We consider a simple general equilibrium model with two agents under the presence of financial market imperfections: agents can borrow to realize their productive project up to the level of debt whose repayment reaches a fraction of the project's value (so-called credit limit). After characterizing the whole set of equilibria, we investigate the connection between credit limit, (individual and social) welfare, and efficiency. We also compute the optimal credit limit which maximizes the social welfare function.
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- 2019
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3. Financial bubbles and capital accumulation in altruistic economies
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Thai Ha-Huy, Cao-Tung Pham, Stefano Bosi, Ngoc-Sang Pham, Cuong Le Van, Centre d'Etudes des Politiques Economiques (EPEE), Université d'Évry-Val-d'Essonne (UEVE), Centre d'économie de la Sorbonne (CES), Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS), Paris School of Economics (PSE), École des Ponts ParisTech (ENPC)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)-École des hautes études en sciences sociales (EHESS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), IPAG Business School, Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School, The authors are very grateful to anonymous referees for useful remarks, comments, and suggestions. The authors acknowledge the financial support of the LabEx MME-DII (no. ANR11-LBX-0023-01) and the Institut Europlace de Finance Louis Bachelier. Cuong Le Van is partially funded by Vietnam National Foundation for Science and Technology Development (NAFOSTED) under Grant Number 502.01-2017.12. Ngoc-Sang Pham is member of the Entrepreneurship and Innovation Chair, which is part of LabEx Entrepreneurship (University of Montpellier, France) and funded by the French government (Labex Entreprendre, ANR-10-Labex-11-01)., ANR-11-LABX-0023,MME-DII,Modèles Mathématiques et Economiques de la Dynamique, de l'Incertitude et des Interactions(2011), ANR-10-LABX-0011,Entreprendre,Entrepreneurship(2010), Université Paris 1 Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS-PSL), and Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE)
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Economics and Econometrics ,Financial asset ,Applied Mathematics ,media_common.quotation_subject ,05 social sciences ,Monetary economics ,Overlapping generations model ,Overlapping generations ,[SHS.ECO]Humanities and Social Sciences/Economics and Finance ,Altruism ,Rational bubbles ,Capital accumulation ,Forward altruism ,Capital (economics) ,0502 economics and business ,Economics ,Dividend ,Asset (economics) ,050207 economics ,Economic bubble ,050205 econometrics ,media_common ,Positive dividends - Abstract
International audience; We consider an overlapping generations model a la Diamond (1965) with two additional ingredients: altruism and an asset (or land) bringing non-stationary positive dividends (or fruits). We study the global dynamics of capital stocks and asset values as well as the interplay between them. Asset price bubbles are also investigated. (C) 2018 Elsevier B.V. All rights reserved.
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- 2018
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4. Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints
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Stefano Bosi, Ngoc-Sang Pham, Cuong Le Van, Centre d'Etudes des Politiques Economiques (EPEE), Université d'Évry-Val-d'Essonne (UEVE), IPAG Business School, Centre d'économie de la Sorbonne (CES), Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS), Paris School of Economics (PSE), École des Ponts ParisTech (ENPC)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)-École des hautes études en sciences sociales (EHESS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School, The authors are very grateful to the co-editor Alessandro Citanna and anonymous referees for useful remarks, comments, and suggestions. The authors acknowledge the financial support of the LabEx MME-DII (no. ANR11-LBX-0023-01) and the Institut Europlace de Finance Louis Bachelier . Cuong Le Van is partially funded by Vietnam National Foundation for Science and Technology Development (NAFOSTED) under grant number 502.01-2017.12. Ngoc-Sang Pham is member of the Entrepreneurship and Innovation Chair, which is part of LabEx Entrepreneurship (University of Montpellier, France) and funded by the French government (Labex Entreprendre, ANR-10-Labex-11-01)., ANR-11-LABX-0023,MME-DII,Modèles Mathématiques et Economiques de la Dynamique, de l'Incertitude et des Interactions(2011), ANR-10-LABX-0011,Entreprendre,Entrepreneurship(2010), Université Paris 1 Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS-PSL), and Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE)
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Economics and Econometrics ,JEL: G - Financial Economics/G.G1 - General Financial Markets/G.G1.G10 - General ,General equilibrium theory ,Collateral ,JEL: D - Microeconomics/D.D5 - General Equilibrium and Disequilibrium/D.D5.D53 - Financial Markets ,[MATH.MATH-FA]Mathematics [math]/Functional Analysis [math.FA] ,JEL: C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C62 - Existence and Stability Conditions of Equilibrium ,Microeconomics ,Incomplete markets ,Intertemporal equilibrium ,0502 economics and business ,Economics ,050207 economics ,050205 econometrics ,Valuation (finance) ,JEL: D - Microeconomics/D.D9 - Intertemporal Choice ,JEL: E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E44 - Financial Markets and the Macroeconomy ,Applied Mathematics ,05 social sciences ,Financial market ,[SHS.ECO]Humanities and Social Sciences/Economics and Finance ,Rational bubbles ,General equilibrium ,Infinite-horizon ,Asset valuation ,8. Economic growth ,Dividend ,Collateral constraint ,Infinite horizon - Abstract
We build a dynamic general equilibrium model with heterogenous producers and financial market imperfections (collateral constraints and incompleteness). First, we prove the existence of equilibrium and provide a tractable characterization to check whether a sequence is an equilibrium. Second, we study the effects of financial imperfections on economic growth and land prices. Third, we develop a theory of valuation of land by introducing the notion of endogenous land dividends (or yields) and different concepts of land-price bubbles. Some examples of bubbles are provided in economies with and without short-sales.
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- 2018
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5. Asset bubbles and efficiency in a generalized two-sector model
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Stefano Bosi, Ngoc-Sang Pham, Cuong Le Van, Centre d'Etudes des Politiques Economiques (EPEE), Université d'Évry-Val-d'Essonne (UEVE), IPAG Business School, Centre d'économie de la Sorbonne (CES), Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS), Paris School of Economics (PSE), École des Ponts ParisTech (ENPC)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)-École des hautes études en sciences sociales (EHESS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School, The authors are very grateful to three anonymous referees for useful remarks, comments, suggestions. They have helped us to substantially improve our previous version. The authors acknowledge the financial support of the LabEx MME-DII (No. ANR11-LBX-0023-01) and the Institut Europlace de Finance Louis Bachelier. Ngoc-Sang Pham is member of the Entrepreneurship and Innovation Chair, which is part of LabEx Entrepreneurship (University of Montpellier, France) and funded by the French government (Labex Entreprendre, ANR-10-Labex-11-01)., ANR-11-LABX-0023,MME-DII,Modèles Mathématiques et Economiques de la Dynamique, de l'Incertitude et des Interactions(2011), ANR-10-LABX-0011,Entreprendre,Entrepreneurship(2010), Université Paris 1 Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS-PSL), and Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE)
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Sociology and Political Science ,General equilibrium theory ,Bubble ,05 social sciences ,General Social Sciences ,Discount points ,[SHS.ECO]Humanities and Social Sciences/Economics and Finance ,Microeconomics ,Physics::Fluid Dynamics ,0502 economics and business ,Economics ,Sector model ,Infinite horizon ,Asset (economics) ,050207 economics ,Statistics, Probability and Uncertainty ,Mathematical economics ,General Psychology ,050205 econometrics - Abstract
We consider a multi-sector infinite-horizon general equilibrium model. Asset supply is endogenous. The issues of equilibrium existence, efficiency, and bubble emergence are addressed. We show how different assets give rise to very different rational bubbles. We also point out that efficient bubbly equilibria may exist.
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- 2017
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6. A General Equilibrium Model in Which Consumption Takes Time
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Ngoc-Sang Pham, Binh Tran-Nam, Cuong Le-Van, Thi-Do-Hanh Nguyen, IPAG Business School, Centre d'économie de la Sorbonne (CES), Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS), Paris School of Economics (PSE), École des Ponts ParisTech (ENPC)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)-École des hautes études en sciences sociales (EHESS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School, School of Business and Management, RMIT University Vietnam (RMIT), Tran-Nam Binh, Tawada Makoto, and Okawa Masayuki
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Consumption (economics) ,General equilibrium theory ,Comparative statics ,05 social sciences ,[SHS.ECO]Humanities and Social Sciences/Economics and Finance ,Constraint (information theory) ,General equilibrium ,Quasi-equilibrium ,8. Economic growth ,0502 economics and business ,Economics ,Time constraint ,Dividend ,Dividend approach ,Uniqueness ,050207 economics ,Mathematical economics ,Heterogeneous households ,Quasistatic process ,050205 econometrics - Abstract
International audience; This chapter examines a general equilibrium competitive economy with many heterogeneous agents. The key feature of the model is that consumption itself takes time so that a typical household is subject to a financial constraint as well as a time constraint. Using the dividend approach proposed by Le-Van and Nguyen (J Math Econ 43:135−152, 2007), it is shown that the economy possesses at least one autarkic Walrasian equilibrium. Sufficient conditions for the uniqueness of the autarkic equilibrium are then derived. Finally, a specific example is provided to illustrate the working of the model, including the derivation of the equilibrium labour allocation and some comparative static results.
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- 2018
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7. Should the Host Economy Invest in a New Industry?
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Ngoc-Sang Pham, Thanh Tam Nguyen-Huu, Nguyen-Huu, Thanh Tam, Métis Lab EM Normandie, École de Management de Normandie (EM Normandie), and Montpellier Business School
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9. Industry and infrastructure ,JEL: F - International Economics/F.F2 - International Factor Movements and International Business/F.F2.F23 - Multinational Firms • International Business ,05 social sciences ,Small open economy ,JEL: F - International Economics/F.F6 - Economic Impacts of Globalization/F.F6.F62 - Macroeconomic Impacts ,JEL: O - Economic Development, Innovation, Technological Change, and Growth/O.O3 - Innovation • Research and Development • Technological Change • Intellectual Property Rights ,Factors of production ,International economics ,Foreign direct investment ,JEL: F - International Economics/F.F4 - Macroeconomic Aspects of International Trade and Finance ,[SHS.ECO]Humanities and Social Sciences/Economics and Finance ,Competition (economics) ,Physical capital ,Multinational corporation ,Capital (economics) ,8. Economic growth ,0502 economics and business ,Business ,050207 economics ,[SHS.ECO] Humanities and Social Sciences/Economics and Finance ,General Economics, Econometrics and Finance ,Productivity ,050205 econometrics - Abstract
We consider a small open economy with two sectors (an old sector producing a consumption good and a new sector producing a new good), two production factors (physical capital and specific labor), and two heterogeneous firms in the new sector (a multinational firm and a domestic firm). First, our framework highlights that in a poor country with low return of training and weak FDI spillovers, the domestic firm cannot exist in the new industry requiring a high fixed cost. Second, once the host country holds necessary conditions to create a domestic firm, its productivity is the key factor allowing it to enter the new industry, and even eliminate the multinational firm. Interestingly, credit constraint and labor/capital shares play important roles in the competition between firms., Nous considérons une petite économie ouverte avec deux secteurs (un ancien produisant un bien de consommation et un nouveau produisant un nouveau bien), deux facteurs de production (capital physique et travail spécifique) et deux firmes hétérogènes dans le nouveau secteur (une firme multinationale et une firme domestique). Tout d’abord, notre modèle montre que dans un pays pauvre caractérisé par un faible rendement de l’éducation et de faibles retombées de l’IDE, la firme domestique ne peut pas entrer dans une industrie demandant un coût fixe élevé. Ensuite, dès lors que le pays d’accueil dispose des conditions nécessaires pour créer la firme domestique, sa productivité est le facteur clé lui permettant d’entrer dans la nouvelle industrie et même d’éliminer la firme multinationale. Enfin, la contrainte de crédit et les élasticités du travail/capital jouent un rôle important dans la compétition entre les firmes.
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- 2018
8. Taxation, bubbles and endogenous growth
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Ngoc-Sang Pham, Stefano Bosi, Centre d'Etudes des Politiques Economiques (EPEE), and Université d'Évry-Val-d'Essonne (UEVE)
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Macroeconomics ,Economics and Econometrics ,Public investment ,Endogenous growth theory ,Bubble ,05 social sciences ,1. No poverty ,Monetary economics ,Investment (macroeconomics) ,[SHS.ECO]Humanities and Social Sciences/Economics and Finance ,Endogenous growth ,Grossman ,0502 economics and business ,8. Economic growth ,Economics ,Taxation on financial revenue ,Liquid bubble ,050207 economics ,Public R&D ,Finance ,Externality ,050205 econometrics - Abstract
International audience; We study the interplay between taxation, bubble formation and economic growth. A rational bubble may be beneficial when growth is fueled by public investment (or R&D externalities) and the government levies taxes on bubble returns to finance this investment. Our main result challenges the conventional view about the negative effect of bubbles in endogenous growth (Grossman and Yanagawa, 1993). © 2016 Elsevier B.V.
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- 2016
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9. Intertemporal equilibrium with financial asset and physical capital
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Ngoc-Sang Pham, Cuong Le Van, IPAG Business School, Paris School of Economics (PSE), École des Ponts ParisTech (ENPC)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)-École des hautes études en sciences sociales (EHESS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), Centre d'économie de la Sorbonne (CES), Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS), Centre d'Etudes des Politiques Economiques (EPEE), Université d'Évry-Val-d'Essonne (UEVE), Ce travail a bénéficié d'une aide de l'Etat gérée par l'Agence Nationale de la Recherche au titre du programme « Investissements d'avenir » portant la référence ANR-10-LABX-93-01.This work was supported by the French National Research Agency, through the program Investissements d'Avenir, ANR-10--LABX_93-01., Université Paris 1 Panthéon-Sorbonne (UP1)-École normale supérieure - Paris (ENS-PSL), and Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE)
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Economics and Econometrics ,General equilibrium theory ,Financial asset ,Physical bubbles ,jel:C62 ,jel:E44 ,Efficiency ,Profit (economics) ,Financial bubbles ,Microeconomics ,Physical capital ,Intertemporal equilibrium ,0502 economics and business ,Economics ,050207 economics ,Economic bubble ,050205 econometrics ,Productivity ,jel:D91 ,05 social sciences ,Financial market ,jel:D31 ,Fluctuation ,Financial friction ,[SHS.ECO]Humanities and Social Sciences/Economics and Finance ,jel:G10 ,infinite horizon,intertemporal equilibrium,financial friction,productivity,efficiency,fluctuation,bubbles ,Infinite horizon ,Infinite horizon, intertemporal equilibrium, financial friction, productivity, efficiency, fluctuation, bubbles ,Public finance - Abstract
International audience; We build an infinite-horizon dynamic deterministic general equilibrium model with imperfect markets (borrowing constraints), in which heterogeneous agents invest in capital or/and financial asset and consume. There is a representative firm which maximizes its profit. Firstly, the existence of intertemporal equilibrium is proved even if aggregate capital is not uniformly bounded. Secondly, we study the interaction between the financial market and the productive sector. We also explore the nature of physical capital bubble and financial asset bubble as well.
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- 2016
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10. The Effects of Oil Price Shocks in a New-Keynesian Framework with Capital Accumulation
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Ngoc-Sang Pham, Florent Mc Isaac, Veronica Acurio Vasconez, Gaël Giraud, Centre d'économie de la Sorbonne (CES), and Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)
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Macroeconomics ,JEL: E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E32 - Business Fluctuations • Cycles ,Energy Efficiency ,020209 energy ,Growth ,02 engineering and technology ,Monetary economics ,Management, Monitoring, Policy and Law ,Capital accumulation ,Stagflation ,JEL: Q - Agricultural and Natural Resource Economics • Environmental and Ecological Economics/Q.Q3 - Nonrenewable Resources and Conservation/Q.Q3.Q31 - Demand and Supply • Prices ,0502 economics and business ,Oil Price ,0202 electrical engineering, electronic engineering, information engineering ,New Keynesian economics ,Dynamic stochastic general equilibrium ,Economics ,JEL: O - Economic Development, Innovation, Technological Change, and Growth/O.O4 - Economic Growth and Aggregate Productivity/O.O4.O47 - Empirical Studies of Economic Growth • Aggregate Productivity • Cross-Country Output Convergence ,050207 economics ,New Keynesian ,JEL: E - Macroeconomics and Monetary Economics/E.E1 - General Aggregative Models/E.E1.E12 - Keynes • Keynesian • Post-Keynesian ,New-Keynesian model,DSGE,oil,capital accumulation,stagflation,energy productivity,productivité énergétique,modèle néo-keynesien,équilibre général dynamique stochastique,pétrole,accumulation du capital ,Stylized fact ,Energy ,Output elasticity ,JEL: Q - Agricultural and Natural Resource Economics • Environmental and Ecological Economics/Q.Q4 - Energy/Q.Q4.Q41 - Demand and Supply • Prices ,05 social sciences ,[SHS.ECO]Humanities and Social Sciences/Economics and Finance ,Oil ,Shock (economics) ,General Energy ,Capital (economics) ,8. Economic growth - Abstract
The economic implications of oil price shocks have been extensively studied since the 1970s'. Despite this huge literature, no dynamic stochastic general equilibrium model was available that captures two well-known stylized facts: 1) the stagflationary impact of an oil price shock, together with 2) the influence of the energy productivity of capital on the depth and length of this impact. We build, estimate and simulate a New-Keynesian model with capital accumulation, which takes the case of an economy where oil is imported from abroad, and where these stylized facts can be accounted for. Moreover, the Bayesian estimation of the model on the US economy (1984-2007) suggests that the output elasticity of oil might have been above 10%, stressing the role of oil use in US growth at this time. Finally, our simulations confirm that an increase in energy efficiency significantly attenuates the effects of an oil shock —a possible explanation of why the third oil shock (1999-2008) did not have the same macro-economic impact as the first two ones., Les conséquences économiques des chocs pétroliers ont été très étudiés depuis les années 1970. En dépit d'une abondante littérature, aucun modèle d'équilibre général dynamique stochastique n'était à ce jour disponible, qui captura les deux faits stylisés bien connus suivants : 1) l'impact stagflationniste d'un choc sur le prix du pétrole et 2) l'influence de la productivité énergétique du capital sur la profondeur et la longueur du dit impact. Nous construisons, estimons et simulons un modèle Néo-keynésien avec accumulation du capital, adapté à une économie importatrice de pétrole, où ces faits stylisés peuvent être retrouvés. De plus, l'estimation bayésienne du modèle sur les données des Etats-Unis (1984-2007) suggère que l'élasticité d'output du pétrole pourrait être supérieure à 10%, soulignant le rôle du pétrole dans la croissance des Etats-Unis sur cette période. Enfin, nos simulations confirment qu'une augmentation de l'efficacité énergétique atténue de manière significative les effets du choc —ce qui livre une explication possible au fait que le troisième choc pétrolier (1999-2008) n'a pas eu le même impact macro-économique que les deux premiers.
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- 2014
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