| Description |
1 online resource |
| Summary |
Annotation Per capita output is more volatile in middle-income economies than in both low-income and high-income economies. We examine this pattern in a two-period overlapping generations model with two productive sectors (a developed sector and a subsistence sector) and a credit sector. In the early and mature stages of development, there is a unique equilibrium, because labor and credit markets are cleared by a unique set of prices. In the middle stages of development, however, the model shows that markets can be cleared by a multiple set of prices. This multiplicity of equilibria arises as productive externalities are reflected in credit markets |
| Notes |
English |
| Form |
Electronic book
|
| Author |
Galdón-Sánchez, José Enrique, Contributor
|
| ISBN |
1462387349 |
|
9781462387342 |
|
1452756325 |
|
9781452756325 |
|
1281601322 |
|
9781281601322 |
|
9786613782014 |
|
6613782017 |
|
1451894996 |
|
9781451894998 |
|
