resolution. We then use the model to quantify the gains from relaxing migration restrictions as well as to describe the evolution … liberalizing migration would increase welfare more than three-fold and would significantly affect the evolution of particular …

distributed unequally and institutions do not ensure political commitments. The results imply that for any level of development … resources for which democracy is infeasible in equilibrium irrespective of the level of development. The model also delivers …

the process of development. A simple general equilibrium model of rent-seeking political elites with two productive …

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 …

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 …

This paper presents a model of development of an economy comprised of a rural-agricultural sector and an urban …