We develop and estimate a model of dynamic interactions in which commitment is limited and contracts are incomplete to explain the patterns of income and consumption growth in village economies of less developed countries. Households can insure each other through both formal contracts and...

The paper is based on an individual life-cycle model, which describes the purely economic components of human capital. The present value of human capital is determined by all future income flows, which at the same time constitute the individual as well as the total tax base of a nation....

The aim of this paper is to analyze the cause and effect relationship between economic growth and savings in advanced economies and in emerging and developing countries2. In this work we used the method based on studies in macroeconomics and international finance as well as econometric methods...

The poor can and do save, but often use formal or informal instruments that have high risk, high cost, and sub-optimal design. This could lead to undersaving compared to a world without market or behavioral frictions. Undersaving has important welfare consequences: variable consumption, low...

The poor can and do save, but often use formal or informal instruments that have high risk, high cost, and limited functionality. This could lead to undersaving compared to a world without market or behavioural frictions. Undersaving can have important welfare consequences: variable consumption,...

The poor can and do save, but often use formal or informal instruments that have high risk, high cost, and limited functionality. This could lead to undersaving compared to a world without market or behavioral frictions. Undersaving can have important welfare consequences: variable consumption,...

The institutions improvement is one of principal conditions for the transitional and developing economies growth. This study on the bases of multidisciplinary approach investigates the necessity of using the concept “institutional uncertainty” in economic and social researching, proves that...

The institutions improvement is one of principal conditions for the transitional and developing economies growth. This study on the bases of multidisciplinary approach investigates the necessity of using the concept “institutional uncertainty” in economic and social researching, proves that...

The institutions improvement is one of principal conditions for the transitional and developing economies growth. This study on the bases of multidisciplinary approach investigates the necessity of using the concept “institutional uncertainty” in economic and social researching, proves that...