search query: @author Bhattachraya, J. / total: 1
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| Author: | Bhattachraya, J. |
| Title: | Credit market imperfections income distribution, and capital accumulation |
| Journal: | Economic Theory
1998 : VOL. 11:1, p. 171-200 |
| Index terms: | ECONOMICS CREDIT MARKETS INCOME DISTRIBUTION |
| Language: | eng |
| Abstract: | This paper builds a model in which the distribution of income matters for capital formation, and uses it to analyze the effects of a simple policy intended to create a more equal distribution of income on the severity of certain credit market imperfections and, through this channel, capital accumulation. A neoclassical growth model is developed in which some capital investment must be externally financed, and external finance is subject to a standard costly state verification (CSV) problem. |
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