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inflation on welfare, growth and the size of the financial sector. A novel feature is that the innovation sector is …Many countries simultaneously suffer from high inflation, low growth and poorly developed financial sectors. In this … decentralized. Financial intermediaries arise endogenously to provide liquidity to this sector. Consistent with the data but in …
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This paper addresses the question of sectoral specialisation mechanisms and effects on growth rate differences providing an alternative approach to endogenous growth processes. The framework we choose draws on the Kaldorian cumulative causation approach to growth and the evolutionary modelling...
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