Volume 59, numéro 2, juin 1983

FR :

Le but de cet article est d’analyser l’efficacité du système québécois de soutien du revenu défini par les programmes d’aide sociale (A.S.) et de supplément au revenu de travail (S.R.T.). Au plan socio-économique le travail montre qu’il faut imputer l’augmentation des bénéficiaires, aptes au travail, émergeant du principal programme de soutien du revenu (l’A.S.), à une structure inefficace de paramètres compte tenu des variables d’environnement économique. Cette conclusion s’appuie au plan scientifique sur le concept de salaire (revenu) de réserve, défini rigoureusement et généralisé pour tenir compte des coûts directs et indirects du travail. L’étude présente les différents salaires (revenus) de réserve associés à l’A.S. et au S.R.T. et leur sensibilité aux variations des paramètres des mêmes programmes.

EN :

This article analyses the efficiency of the Quebec minimum income system, that is the Social Welfare and work Income Supplement programs. The paper is based on the argument that the steady increase, of "employable" Social Welfare beneficiaries, in recent years has been due in large part to the work disincentive effects of the program. To support this conclusion the concept of a reservation wage (income) is defined so as to take account of direct and indirect work costs. Then, the various reservation wages of the programs are simulated, and their sensitivity to variations in program parameters is analysed.

FR :

L’objet de cet article est de montrer que, pour la perspective aléatoire caractérisée par la probabilité p de perdre une valeur h, il existe une mesure adéquate des variations dans le risque engendrées par des variations comparables de p et h, ce qui permet d’isoler le facteur risque et de prédire le comportement des agents riscophobes. Cette mesure résulte d’une application du concept d’étalement à moyenne constante (mean-preserving spread) développé par Rothschild et Stiglitz. Le résultat principal est à l’effet qu’un agent riscophobe préférera toujours une diminution de la perte à une baisse comparable de la probabilité de perte. Nous appliquons ce résultat simple à diverses situations : assurance-chômage, réglementation par enquêtes et amendes, contrôle des prix et des salaires, sécurité routière, stationnement illégal, loteries, autoassurance vs autoprotection. Enfin nous dérivons une mesure de variation compensatoire de richesse reliée au degré de riscophobie.

EN :

The purpose of this paper is to show that, for the risky situation caracterized by the probability p of losing an amount h, there exists an adequate measure of the risk variations caused by equivalent changes in p and h. This follows from an application of the concept of mean-preserving spread developed by Rothschild and Stiglitz. The main result—that a risk averse agent will always prefer a decrease in the amount of loss to an equivalent reduction in the probability of loss—is applied to different problems ranging from unemployment insurance, double parking, and autosafety regulation to price controls, lotteries and the choice of self insurance and self protection. Finally, we derive a measure of compensation related to the degree of risk aversion.

FR :

De récents résultats empiriques suggèrent que les caractéristiques estimées des technologies de production dépendent du modèle postulé (primal ou dual). Dans cet article nous nous intéressons à ce problème. Nous concluons que de différences significatives n’existent pas en ce qui concerne les données de Bell Canada.

EN :

Recent empirical results of Burgess and Appelbaum suggest that estimated characteristics of macro production technologies may depend upon model specification (primal or dual). This paper examines the issue using Bell Canada data for the period 1956-1978. The results suggest that, at least for this set of firm-level data, estimated technological characteristics are robust with respect to model specification.

FR :

L’article analyse la relation entre les marchés de change à terme et au comptant. On obtient les conditions de stabilité statique et dynamique de l’équilibre simultané à court terme des deux marchés à partir de l’étude de l’effet des variations des taux de change au comptant et à terme sur les décisions des participants dans les deux marchés, directement et à travers l’impact de telles variations sur les anticipations. Ces conditions sont requises pour l’évaluation des effets de perturbations d’origine domestique ou étrangère et de ceux des politiques fiscales et monétaires.

EN :

The paper derives the static and dynamic stability conditions of the simultaneous short run equilibrium of the spot and forward exchange markets by analyzing the direct impact of changes in the two exchange rates on the behavior of the various market participants as well as the indirect impact of such changes through their effects on expectations. These stability conditions and the underlying behavioral analysis are crucial in determining the domestic repercussions of internal and external disturbances and the effectiveness of domestic policies. The paper also discusses the properties of the long run equilibrium of the foreign exchange market.

FR :

Le but de ce texte est d’essayer de quantifier les effets de substitution entre travail et loisir induits par les changements d’impôts, et de voir combien ces effets modifient la neutralité du choix de financement du gouvernement. Un modèle basé sur la maximisation de l’utilité de la consommation et du loisir est estimé sur la période 1958 à 1980. Ce modèle sert ensuite à faire des simulations d’une augmentation temporaire des transferts, financée soit par les impôts, soit par les obligations. Les simulations indiquent que le mode de financement peut avoir un effet important sur le comportement de l’économie.

EN :

The purpose of this paper is to quantify the substitution effects brought about by tax rate changes and to see to what extent they modify the neutrality of the financing choice facing the government, that is, tax increases on borrowing. An intertemporal utility maximisation model of household behaviour is estimated over the period 1958-1980, where utility is a function of both consumption and leisure. The model is then used to simulate a temporary increase in government transfer payments to households, financed either by taxes or by bond issues. The simulation results indicate that the method of financing can have an important effect even in a classical equilibrium model, given the estimated elasticity of substitution between work and leisure.

EN :

This paper reviews the theory of international indebtedness over time from the viewpoint of both the demand and the supply of international credit. The demand for foreign credit depends ultimately on the optimal trade-off between financing and correcting external deficits, subject to the constraint of availability of credit. The conditions for debt crises to arise are analysed. The overall supply of international credit depends mainly on trade imbalances and on the rate of growth of international reserves. The supply of credit for a single country depends on risk indicators related to its solvency and liquidity positions.

It is assumed that the international cycle of indebtedness for balance of payments reasons has a deflationary potential once borrowing limits have been reached.

EN :

This paper begins by presenting several well-known measures for a welfare variation of an individual following a change of prices and/or income. Then we discuss the computation of some of these measures and show some procedures which appeared recently in the literature. We also propose an extension of the Hausman's paper. The last section points out the roles of the compensating and equivalent variations. Throughout the paper we use a numerical example for illustrating purposes.

EN :

This is the second part of a study about what could be called an economic play or drama: the deregulation of commission rates on stock exchange transactions. This article presents an economic analysis of the long-standing policy in Canada of charging minimum commission on stock transaction. The discussion draws heavily on the arguments put forward by the Montreal Exchange as a part of its recent ongoing defense of fixed commission. The arguments fall into three categories: (1) the economic approach to the analysis of the brokerage business (uncertainty in product quality) (2) the information produce by the brokerage industry are public goods because of externalities and (3) the structure of the brokerage industry. According to the Exchange's logic, the elimination of the practice of price fixing would lead to a less efficient capital market because of the reduction in the production of information and to an increase in the concentration in the brokerage business. The analysis presented in this article leads to the conclusion that the Exchange's case is faulty in terms of both its theory and its empirical proofs and that minimum commission rates on stock exchange transactions cannot be justified on economic grounds.