| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1413 |
| DP1413 Technological Progress, Mobility, and Economic Growth | |
| Oded Galor; Daniel Tsiddon | |
| 发表日期 | 1996-06-30 |
| 出版年 | 1996 |
| 语种 | 英语 |
| 摘要 | This paper offers a theory of development which links the degree of market incompleteness to capital accumulation and growth. At early stages of development, the presence of indivisible projects limits the degree of risk-spreading (diversification) that the economy can achieve. The desire to avoid highly risky investments slows down capital accumulation and the inability to diversify idiosyncratic risks introduces high uncertainty in the growth process. The typical development pattern will consist of a lengthy period of ?primitive accumulation? with highly variable output, followed by take-off and financial deepening and lastly, steady growth. ?Lucky? countries will spend relatively less time in the primitive accumulation stage and develop faster. Although all agents are price-takers and there are no technological spillovers, the decentralized equilibrium is inefficient because individuals do not take into account their impact on the diversification opportunities of others. We also show that our results generalize to economies with international capital flows. |
| 主题 | International Macroeconomics |
| 关键词 | Chance Development Diversification Financial intermediaries Growth Incomplete markets International capital flows Pecuniary externalities Risk |
| URL | https://cepr.org/publications/dp1413 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530556 |
| 推荐引用方式 GB/T 7714 | Oded Galor,Daniel Tsiddon. DP1413 Technological Progress, Mobility, and Economic Growth. 1996. |
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