Despite evidence to the contrary from South Asia, one would expect international credit subsidies to stimulate a reduction in rural interest rates. Previous studies suggest that collusion among formal and informal lenders is responsible for preclusive interest rates and excessive economic rents....

The paper provides a realistic explanation for the persistently large loan costs in the informal and formal credit markets of South Asia. In the presence of the adverse selection problems that arise from information asymmetries and discrepancies in credit services, price competition in somewhat...

Frank Ramsey's methodology is evident in virtually every modern analysis of intertemporal savings decisions. Unfortunately, his abbreviated lifespan, combined with what was at the time a novel and uniquely mathematical approach, may have contributed to a sometimes obscure legacy. In an effort to...

This paper focuses on the interaction of renewable and nonrenewable resources within the context of a stochastic model of optimal control. First, although existence of a multidimensional closed form solution to the general multi-sector Bellman model remains an open mathematical question, this...

First, this paper demonstrates that growth is compatible with Rawlsian justice, even when considering human capital accumulation and heterogeneous natural resources. Second, this result confirms the widely cited, yet disputable, argument offered by Burmeister and Hammond (1977) who apply the...