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Was Prometheus Unbound by Chance? Risk, Diversification and Growth
Acemoglu, Daron; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 1996
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 … inability to diversify idiosyncratic risks introduces high uncertainty in the growth process. The typical development pattern …
Persistent link: https://www.econbiz.de/10005124312
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Agency Costs in the Process of Development
Acemoglu, Daron; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 1996
early stages of development, the range of projects and the amount of information are limited and agency costs are high … investigation of the development of financial institutions. We contrast the information aggregation role of stock markets and … information production role of banks. Because the amount of available information increases with development, our model predicts …
Persistent link: https://www.econbiz.de/10005136536
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Productivity Differences
Acemoglu, Daron; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 2000
Many technologies used by the LDCs are developed in the OECD economies and are designed to make optimal use of the skills of these richer countries' workforces. Differences in the supply of skills create a mismatch between the requirements of these technologies and the skills of LDC workers, and...
Persistent link: https://www.econbiz.de/10005114308
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Setting Standards: Information Accumulation in Development
Acemoglu, Daron; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 1997
This paper proposes a model in which economic relations and institutions in advanced and less-developed economies differ as these societies have access to different amounts of information. This lack of information makes it hard to give the right incentives to managers and entrepreneurs. We argue...
Persistent link: https://www.econbiz.de/10005667121