equilibrium model where human capital is the engine of growth and individuals differ in their education abilities. We argue that …

uninsurable risk of losing invested capital forces entrepreneurs to rely on self-financing, so that when business opportunities … that this net saving increase can sustain large and persistent net capital outflows …

savings, investment, human capital accumulation and growth performance for industrialized countries is presented. A simple … effects of borrowing constraints on human capital accumulation and growth. It is shown that borrowing constraints increase … savings, but reduce human capital accumulation …

by increased trade integration within the European Community and by the accumulation not only of business sector capital …—the only measure of capital included in most empirical studies—but also by the accumulation of government infrastructure … capital, residential capital, and R&D capital. Calculations of potential output indicate that trade and capital …

banks borrow at a premium on world capital markets, and domestic producers (whose demand for credit results from working … capital needs) borrow at a premium from domestic banks. Higher volatility of producers’ productivity shocks increases both … domestic and foreign financial spreads and the producers’ cost of capital, resulting in lower employment and higher incidence …

faces imperfect capital markets. It shows that when capital markets are imperfect, the optimizing firm goes through …