Long-run growth and intragenerational transfer under capital market imperfections

研究成果: Article査読

抄録

The purpose of this paper is to provide a long-run growth model linking growth to income distribution between lenders and borrowers in an environment where enforcement of loan contracts is imperfect. The equilibrium under costly verification implies a smaller growth rate, relative to the symmetric-information economy. Intragenerational transfer of income is shown to promote growth so long as the redistribution gives rise to an increase in net worth positions of borrowers.

本文言語English
ページ(範囲)390-409
ページ数20
ジャーナルJapanese Economic Review
48
4
DOI
出版ステータスPublished - 1997 1 1
外部発表はい

ASJC Scopus subject areas

  • Economics and Econometrics

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