Advances in economics and econometrics, vol. 3 by Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)

By Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)

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Additional info for Advances in economics and econometrics, vol. 3

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1999) and Aghion, Bacchetta, and Banerjee (1999) generate endogenous cycles from models of this class. This type of argument can also be made by using other prices: Banerjee and Newman (1993) generate this type of multiplicity based on the endogeneity of wages. High-wage economies, in their argument, allow the children of the poor to become entrepreneurs, with the result that the demand for labor and wages remains high. What is key in all of these cases is a perverse price effect: In the presence of capital market imperfections, price changes can have powerful wealth effects 45 For a more elaborate discussion of this point, see Banerjee and Newman (1993).

This would allow us to answer questions such as: What fraction of the population of potential investors in this industry are sufficiently poor that the nonconvexity is relevant for them? The situation in the case of the monitoring technology is even worse because very little is actually known. Aleem reports only the average monitoring cost for the entire population, which does not tell us how the cost changes with the amount borrowed. There are certainly a priori good reasons to suspect that some part of the cost – such as the cost of meeting the first time with the potential borrower – is a fixed cost.

To take an example, trade protection may be particularly bad if capital markets are imperfect, because it reinforces the capital market frictions that slow down the flow of capital toward its best possible uses. What does emerge from the analysis herein is the need to build policies that recognize the market failures that are most important in the particular context. Thus, assessing the growth impact of trade policies without taking account of the distributional impact of these policies is self-defeating, because the distributional impact will frame the future pattern of investment.

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