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Financial Intermediary Capital
Rampini, Adriano A. - 2017
We propose a dynamic theory of financial intermediaries that are better able to collateralize claims than households, that is, have a collateralization advantage. Intermediaries require capital as they can borrow against their loans only to the extent that households themselves can collateralize...
Persistent link: https://www.econbiz.de/10012455379
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Capital and Wealth in the 21st Century
Weil, David N. - 2015
In Capital in the 21st Century, Thomas Piketty uses the market value of tradeable assets to measure both productive capital and wealth. As a measure of wealth this is problematic because it ignores the value of human capital and transfer wealth, which have grown enormously over the last 300...
Persistent link: https://www.econbiz.de/10012457747
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The Rise and Decline of General Laws of Capitalism
Acemoglu, Daron; Robinson, James A. - 2014
, like Marx and Ricardo, in formulating general laws of capitalism to diagnose and predict the dynamics of inequality. We …
Persistent link: https://www.econbiz.de/10012457900
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The Cambridge History of "Capitalism"
Temin, Peter - 2014
This review essay of the two-volume Cambridge History of Capitalism (2014), edited by Larry Neal and Jeffrey G … criticize the definition of capitalism used in these volumes as too expansive to be useful. I argue that this definition mars … the essays in first volume by stimulating a fruitless search for capitalism in the millennium before the Industrial …
Persistent link: https://www.econbiz.de/10012458007
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Making the Most of Capital in the 21st Century
Lindert, Peter H. - 2014
Thomas Piketty's monumental Capital in the Twenty-First Century has transported us to a higher understanding of historical movements in inequality. This essay ranks the promise of different paths that scholars can usefully follow from the point to which his book has guided us. The main path to...
Persistent link: https://www.econbiz.de/10012458434
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Can't We All Be More Like Scandinavians? Asymmetric Growth and Institutions in an Interdependent World
Acemoglu, Daron; Robinson, James A.; Verdier, Thierry - 2012
"cutthroat capitalism" that generates greater inequality and more innovation and will become the technology leaders, while others … will free- ride on the cutthroat incentives of the leaders and choose a more "cuddly" form of capitalism. Paradoxically … equilibrium, it is not a best response for the cutthroat capitalists to switch to a more cuddly form of capitalism. We also show …
Persistent link: https://www.econbiz.de/10012460215
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Capitalizing China
Fan, Joseph - 2011
Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist …
Persistent link: https://www.econbiz.de/10012460970
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Customer Capital
Gourio, Francois - 2011
Firms spend substantial resources on marketing and selling. Interpreting this as evidence of frictions in product markets, which require firms to spend resources on customer acquisition, this paper develops a search theoretic model of firm dynamics in frictional product markets. Introducing...
Persistent link: https://www.econbiz.de/10012461466
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Agency Problems and the Fate of Capitalism
Morck, Randall - 2010
the mitigation of this internal contradiction in capitalism. Firms need charters, regulations and laws to restrain those …
Persistent link: https://www.econbiz.de/10012462167
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A Model of Capital and Crises
He, Zhiguo - 2008
We develop a model in which the capital of the intermediary sector plays a critical role in determining asset prices. The model is cast within a dynamic general equilibrium economy, and the role for intermediation is derived endogenously based on optimal contracting considerations. Low...
Persistent link: https://www.econbiz.de/10012464283