This paper reformulates the finance-growth nexus in the case of developing countries. Using the Neoclassical growth framework, our contribution is threefold. First, we show that entrepreneurship is a growth-enhancing factor in both financial intermediary equilibrium and financial market...

In this paper, we prove an existence theorem for equilibria in production economies with increasing returns, which generalizes the classic results on this topic. In particular, we eliminate both the free-disposal assumptions and any smoothness requirements on the boundary of the production sets....

We consider a two-sector economy with Cobb-Douglas technologies,labor-augmenting global external effects and increasing social returns. We prove the existence of a normalized balanced growth path and we give conditions for the occurrence of sunspot fluctuations that are compatible with both...

In this paper we prove an index formula for production economies with externalities. We allow for non-convexities in the production sector and set the firms behavior according to general pricing rules. We derive as corollaries existence of a general equilibrium in such a setting.

The purpose of the paper is to introduce a tighter definition for the marginal pricing rule. By means of an example, we illustrate the improvements that one gets with the new definition with respect to the former one with the Clarke's normal come.

This paper deals with the existence of marginal pricing equilibria or equilibria with general pricing rules in an economy with increasing returns to scale or more general types of non convexities in production. Its main contribution is to posit the bounded loss and survival assumptions on a...