Braila, Pighi; Turrini, Alessandro - Centro Studi di Economia e Finanza (CSEF) - 2000
via an example related to growth. Human capital investments occur in a risky environment, in that they are subject to … existing financial structure in transferring wealth over time.When the financial structure is complete, growth is indeterminate … incomplete, the growth rate depends on the payoff structure of the assets. An issue of optimality for the structure of asset …