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Credit Market Imperfections Income Distribution And Capital Accumulation
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Book Synopsis Credit Market Imperfections, Income Distribution, and Capital Accumulation by : Joydeep Bhattacharya
Download or read book Credit Market Imperfections, Income Distribution, and Capital Accumulation written by Joydeep Bhattacharya and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper builds a model in which the distribution of income matters for capital formation, and uses it to analyze the effects of a simple policy intended to create a more equal distribution of income on the severity of certain credit market imperfections and, through this channel, capital accumulation. A neoclassical growth model is developed in which some capital investment must be externally financed, and external finance is subject to a standard costly state verification (CSV) problem. In particular, some fraction of the population is quot;capitalistsquot;, who have access to risky but high return capital production technologies. Successful capitalists leave bequests to their offspring, thereby permitting them to internally finance some fraction of their own investment projects. However some external finance is also required. This is provided by quot;workersquot; who save out of labor income. As is well known, the greater the capability of capitalists to provide internal finance, the less severe is the CSV problem. Thus bequests mitigate credit market frictions and, in that sense, promote financial market efficiency and capital accumulation. However, they also perpetrate income inequality. The structure is used to show that a policy that taxes the bequests of capitalists, and transfers the proceeds to workers, necessarily reduces the steady state capital stock. Indeed, when this effect is sufficiently strong, these redistributive tax/transfer schemes can reduce the total (wage plus transfer) incomes of workers, as well as their welfare. Thus some simple policies intended to redistribute income can be highly counterproductive.
Book Synopsis Income Distribution, Market Imperfections and Capital Accumulation in a Developing Economy by : Asim K. Dasgupta
Download or read book Income Distribution, Market Imperfections and Capital Accumulation in a Developing Economy written by Asim K. Dasgupta and published by Springer. This book was released on 2018-11-13 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book explains the problem of insufficient capital accumulation and growth in a less developed country. In conventional analyses, such explanations are often found exogenised in terms of factors such as socio-cultural attitudes towards saving and investment, irrationality of peasant behaviour, technological aspects of externalities and demographic parameters. This book provides an alternative explanation in terms of distribution of income and assets. Focusing on the agricultural sector of a developing economy, it describes how this approach can be extended to cover the industrial sector as well. Further, it develops a model that is then used to analyse the specific problem of capital accumulation in agriculture.
Book Synopsis Explaining Economic Growth with Imperfect Credit Markets by : Luis Carranza
Download or read book Explaining Economic Growth with Imperfect Credit Markets written by Luis Carranza and published by International Monetary Fund. This book was released on 2000-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies how financial markets and accumulation of financial assets interact with economic growth, change of industry structure, productivity and distribution of wealth across households. To carry out this study, a dynamic general equilibrium model with imperfections in the credit market is developed.
Book Synopsis From Physical to Human Capital Accumulation by : Oded Galor
Download or read book From Physical to Human Capital Accumulation written by Oded Galor and published by . This book was released on 1999 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Credit Markets with Differences in Abilities by : Jose de Gregorio
Download or read book Credit Markets with Differences in Abilities written by Jose de Gregorio and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This article presents an endogenous growth model in which credit markets affect time allocation of individuals with different educational abilities. Credit markets allow the more able to specialize in studying and the less able to specialize in working. This specialization can increase growth and welfare. This article also shows that in economies with high (low) levels of education abilities, the opening of credit markets induces a more disperse (equal) income distribution. The role of intergenerational transfers in overcoming the absence of credit markets is also discussed, as well as other forms of credit markets imperfections.
Book Synopsis Economic Stabilization in Developing Countries by : William R. Cline
Download or read book Economic Stabilization in Developing Countries written by William R. Cline and published by Washington, D.C. : Brookings Institutions. This book was released on 1981 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conference report on economic policies and stabilization problems in developing countries - examines the impact of global and domestic economic conditions, interactions between inflation, trade policy, employment, income distribution, balance of payments, public finance, etc., the role of developed countries, of private sector banks and of international borrowing, and includes case studies of stabilization programmes in Mexico, Peru, Tanzania and Pakistan. Graphs and references. Conference held in Washington 1979 Oct 25 and 26.
Book Synopsis NBER Macroeconomics Annual 2007 by : Daron Acemoglu
Download or read book NBER Macroeconomics Annual 2007 written by Daron Acemoglu and published by . This book was released on 2008-03 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The NBER Macroeconomics Annual provides a forum for important debates in contemporary macroeconomics and major developments in the theory of macroeconomic analysis and policy that include leading economists from a variety of fields. The papers and accompanying discussions in NBER Macroeconomics Annual 2007 address exchange-rate models; implications of credit market frictions; cyclical budgetary policy and economic growth; the impacts of shocks to government spending on consumption, real wages, and employment; dynamic macroeconomic models; and the role of cyclical entry of new firms and products on the nature of business-cycle fluctuations and on the effects of monetary policy.
Book Synopsis Inequality and Growth by : Theo S. Eicher
Download or read book Inequality and Growth written by Theo S. Eicher and published by MIT Press. This book was released on 2007-01-26 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: Even minute increases in a country's growth rate can result in dramatic changes in living standards over just one generation. The benefits of growth, however, may not be shared equally. Some may gain less than others, and a fraction of the population may actually be disadvantaged. Recent economic research has found both positive and negative relationships between growth and inequality across nations. The questions raised by these results include: What is the impact on inequality of policies designed to foster growth? Does inequality by itself facilitate or detract from economic growth, and does it amplify or diminish policy effectiveness? This book provides a forum for economists to examine the theoretical, empirical, and policy issues involved in the relationship between growth and inequality. The aim is to develop a framework for determining the role of public policy in enhancing both growth and equality. The diverse range of topics, examined in both developed and developing countries, includes natural resources, taxation, fertility, redistribution, technological change, transition, labor markets, and education. A theme common to all the essays is the importance of education in reducing inequality and increasing growth.
Book Synopsis Causes and Consequences of Income Inequality by : Ms.Era Dabla-Norris
Download or read book Causes and Consequences of Income Inequality written by Ms.Era Dabla-Norris and published by International Monetary Fund. This book was released on 2015-06-15 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.
Book Synopsis Income Distribution in Macroeconomic Models by : Giuseppe Bertola
Download or read book Income Distribution in Macroeconomic Models written by Giuseppe Bertola and published by Princeton University Press. This book was released on 2014-09-28 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at the distribution of income and wealth and the effects that this has on the macroeconomy, and vice versa. Is a more equal distribution of income beneficial or harmful for macroeconomic growth, and how does the distribution of wealth evolve in a market economy? Taking stock of results and methods developed in the context of the 1990s revival of growth theory, the authors focus on capital accumulation and long-run growth. They show how rigorous, optimization-based technical tools can be applied, beyond the representative-agent framework of analysis, to account for realistic market imperfections and for political-economic interactions. The treatment is thorough, yet accessible to students and nonspecialist economists, and it offers specialist readers a wide-ranging and innovative treatment of an increasingly important research field. The book follows a single analytical thread through a series of different growth models, allowing readers to appreciate their structure and crucial assumptions. This is particularly useful at a time when the literature on income distribution and growth has developed quickly and in several different directions, becoming difficult to overview.
Book Synopsis Rising Inequality in China by : Shi Li
Download or read book Rising Inequality in China written by Shi Li and published by Cambridge University Press. This book was released on 2013-10-31 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the evolution of economic inequality in China from 2002 to 2007; a sequel to Inequality and Public Policy in China (2008).
Book Synopsis The Stock Market, Credit and Capital Formation by : Fritz Machlup
Download or read book The Stock Market, Credit and Capital Formation written by Fritz Machlup and published by Ludwig von Mises Institute. This book was released on 1940 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook of the Economics of Education by : Eric A. Hanushek
Download or read book Handbook of the Economics of Education written by Eric A. Hanushek and published by Elsevier. This book was released on 2011-07-13 with total page 707 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the value of an education? Volume 4 of the Handbooks in the Economics of Education combines recent data with new methodologies to examine this and related questions from diverse perspectives. School choice and school competition, educator incentives, the college premium, and other considerations help make sense of the investments and returns associated with education. Volume editors Eric A. Hanushek (Stanford), Stephen Machin (University College London) and Ludger Woessmann (Ifo Institute for Economic Research, Munich) draw clear lines between newly emerging research on the economics of education and prior work. In conjunction with Volume 3, they measure our current understanding of educational acquisition and its economic and social effects. Winner of a 2011 PROSE Award Honorable Mention in Economics from the Association of American Publishers Demonstrates how new methodologies are yielding fresh perspectives in education economics Presents topics and authors whose data and conclusions attest to the globalization of research Complements the policy and social outcomes themes of volume 3
Book Synopsis Links Between Growth, Inequality, and Poverty: A Survey by : Ms. Valerie Cerra
Download or read book Links Between Growth, Inequality, and Poverty: A Survey written by Ms. Valerie Cerra and published by International Monetary Fund. This book was released on 2021-03-12 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is there a tradeoff between raising growth and reducing inequality and poverty? This paper reviews the theoretical and empirical literature on the complex links between growth, inequality, and poverty, with causation going in both directions. The evidence suggests that growth can be effective in reducing poverty, but its impact on inequality is ambiguous and depends on the underlying sources of growth. The impact of poverty and inequality on growth is likewise ambiguous, as several channels mediate the relationship. But most plausible mechanisms suggest that poverty and inequality reduce growth, at least in the long run. Policies play a role in shaping these relationships and those designed to improve equality of opportunity can simultaneously improve inclusiveness and growth.
Book Synopsis The Complex Dynamics of Economic Interaction by : Mauro Gallegati
Download or read book The Complex Dynamics of Economic Interaction written by Mauro Gallegati and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economy is examined by the authors as a complex interactive system. The emphasis is on the direct interaction between agents rather than on the indirect and autonomous interaction through the market mechanism. Contributions from economists and physicists emphasise the consequences for aggregate behaviour of the interaction between agents with limited rationality. Models of financial markets which exhibit many of the stylised facts of empirical markets such as bubbles, herd behaviour and long memory are presented. This includes contributions on bargaining, buyer-seller relations, the evolution of economic networks and several aspects of macro-economic behaviour. This book will be of interest to all those interested in the foundations of collective social and economic behaviour and in particular, to those concerned with the dynamics of market behaviour and recent applications of physics to economics.
Book Synopsis Globalization and Inequality in Advanced Economies by : Joël Hellier
Download or read book Globalization and Inequality in Advanced Economies written by Joël Hellier and published by Springer Nature. This book was released on 2023-06-23 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume surveys and combines the different dimensions of globalization so as to propose a general diagnosis of the way they interact to explain growing inequality in advanced economies. The extant economic literature has widely analyzed (i) the impact on inequality of trade between advanced and emerging countries (North-South Trade), particularly offshoring, (ii) the impact of tax base mobility on tax competition and (iii) the globalization-driven constraints on social policies and labor market institutions. Those three strands of analysis and the related literature have been reviewed in a number of surveys but have not been combined to provide an extensive study of the impact of their interactions on inequality. This volume fills that gap. Providing a general diagnosis of the globalization-inequality nexus within advanced economies and opening new avenues for research and potential reforms, this book will be of interest to researchers and students of economics and the social sciences.
Book Synopsis Economic Growth Theory by : Wei-Bin Zhang
Download or read book Economic Growth Theory written by Wei-Bin Zhang and published by Taylor & Francis. This book was released on 2018-01-18 with total page 483 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book develops a new theoretical framework to examine the issues of economic growth and development. Providing analysis of economic dynamics in a competitive economy under government intervention in infrastructure and income distribution, the book develops a unique analytical framework under the influence of traditional neoclassical growth theory. However, in a departure from neoclassical growth theory it examines both the Solow-Swan and the Ramsey growth models, introducing a utility function which treats consumer choices in ways critically different to previous approaches. Using practical examples and models the book demonstrates how this new direction can effectively analyze the key issues of economic growth, in a compact and comprehensive manner.
