Financial liberalization: Poverty trap or chaos

Tomoo Kikuchi*, George Vachadze

*この研究の対応する著者

研究成果: Article査読

10 被引用数 (Scopus)

抄録

We construct an overlapping generations model in which people are subject to limited pledgeability and uncertainty over entrepreneurial projects. We show that whether financial liberalization generates a poverty trap, an endogenous fluctuation, or both depends on the interaction of pledgeability and uncertainty. Endogenous fluctuation requires a high level of both pledgeability and uncertainty. Poverty trap requires a low level of both. For an intermediate level of both, the initially poor are trapped in poverty while the initially rich fluctuate endogenously.

本文言語English
ページ(範囲)1-9
ページ数9
ジャーナルJournal of Mathematical Economics
59
DOI
出版ステータスPublished - 2015 8月 1
外部発表はい

ASJC Scopus subject areas

  • 経済学、計量経済学
  • 応用数学

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