Previous research has suggested that there is a relationship between land distribution and productivity in agriculture. This paper estimates a cross-country agricultural production function that includes for the first time measures of land distribution as elements of productivity. The measures...

This paper brings together development accounting techniques and the dual economy model to address the role that factor markets have in creating variation in aggregate total factor productivity (TFP). Development accounting research has shown that much of the variation in income across countries...

The literature has shown that the implied welfare gains from financial integration are very small. We revisit these findings and document that welfare gains are substantial if capital goods are not perfect substitutes. We use a model of optimal savings where the elasticity of substitution...