This paper presents an overlapping generations model with technology choice and credit market imperfections, in order to investigate a possible source of underdevelopment. The model shows that a better financial infrastructure that provides stronger enforcement of contracts facilitates the...

Although diesel engines have an advantage of low fuel consumption in comparison with gasoline engines, several problems must be solved. One of the major concerns is that diesel exhaust gas has more particle matters (PM) including soot, which are suspected to be linked to human carcinogen. As one...

This paper constructs a small open two-sector overlapping-generations model with the subsistence level of consumption of agricultural goods and explains the following key stylized facts in the process of economic development: increases followed by declines in fertility rate, increases in human...

The purpose of this paper is to investigate the influence of a third country on the location of foreign direct investment (FDI). We focus on two determinants of FDI location. The first is the number of firms located in the third country. The second is the magnitude of demand for the good that...

This paper examines the impact of imperfect international capital mobility on an industrial location when increasing returns are present. When the international capital mobility is perfect, agglomeration of manufacturing firms progresses with a decline in transportation costs of manufactured...