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Creator: Greenwood, Jeremy, 1953- and Williamson, Stephen D. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 363 Abstract:
A two country overlapping generations model is constructed, in which financial intermediation arises endogenously as an incentive compatible means of economizing on monitoring costs. Because of the existence of transaction costs, money markets in the two countries are segmented and investors have differential access to international credit markets. The model is used to generate predictions concerning the role of international intermediation in economic development, and to examine the nature of business cycle phenomena across alternative exchange rate regimes. Disturbances are propagated by a credit allocation mechanism, which also lends a novel flavor to the model's long run properties.
Mot-clé: Generations, Exchange rate, Business cycles, Economic models, and Financial policy Assujettir: E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles and F41 - Macroeconomic aspects of international trade and finance - Open economy macroeconomics
Creator: Greenwood, Jeremy, 1953- and Jovanovic, Boyan, 1951- Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 446 Abstract:
A paradigm is presented where both the extent of financial intermediation and the rate of economic growth are endogenously determined. Financial intermediation promotes growth because it allows a higher rate of return to be earned on capital, and growth in turn provides the means to implement costly financial structures. Thus, financial intermediation and economic growth are inextricably linked in accord with the Goldsmith-McKinnon-Shaw view on economic development. The model also generates a development cycle reminiscent of the Kuznets hypothesis. In particular, in the transition from a primitive slow-growing economy to a developed fast-growing one, a nation passes through a stage where the distribution of wealth across the rich and poor widens.
Mot-clé: Growth rate, Financial intermediation, Income gap, Rate of return, Income distribution, and Kuznets curve Assujettir: O11 - Economic development - Macroeconomic analyses of economic development and G00 - Financial Economics - General - General