| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4794 |
| DP4794 Active Financial Intermediation: Evidence on the Role of Organizational Specialization and Human Capital | |
| laura bottazzi; Marco Da Rin; Thomas F Hellmann | |
| 发表日期 | 2004-12-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | The distribution of human capital and income lies at the center of a nexus of forces that shape a country?s economic, institutional and technological structure. I develop here a unified model to analyse these interactions and their growth consequences. Five main issues are addressed. First, I identify the key factors that make both European-style ?welfare state? and US-style ?laissez-faire? social contracts sustainable; I also compare the growth rates of these two politico-economic steady states, which are not Pareto-rankable. Second, I examine how technological evolutions affect the set of redistributive institutions that can be durably sustained, showing in particular how skill-biased technical change may cause the welfare state to unravel. Third, I model the endogenous determination of technology or organizational form that results from firms? tailoring the flexibility of their production processes to the distribution of workers? skills. The greater is human capital heterogeneity, the more flexible and wage-disequalizing is the equilibrium technology. Moreover, firms? choices tend to generate excessive flexibility, resulting in suboptimal growth or even self-sustaining technology-inequality traps. Fourth, I examine how institutions also shape the course of technology; thus, a worldwide shift in the technology frontier results in different evolutions of production processes and skill premia across countries with different social contracts. Finally, I ask what joint configurations of technology, inequality and redistributive policy are feasible in the long run, when all three are endogenous. I show in particular how the diffusion of technology leads to the ?exporting? of inequality across borders; and how this, in turn, generates spillovers between social contracts that make it more difficult for nations to maintain distinct institutions and social structures. |
| 主题 | International Macroeconomics ; Public Economics |
| 关键词 | Inequality Welfare state Technical change Skill bias Human capital Redistribution Social contract Political economy |
| URL | https://cepr.org/publications/dp4794 |
| 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/533707 |
| 推荐引用方式 GB/T 7714 | laura bottazzi,Marco Da Rin,Thomas F Hellmann. DP4794 Active Financial Intermediation: Evidence on the Role of Organizational Specialization and Human Capital. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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