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Persistent link: https://www.econbiz.de/10003717691
This article investigates economic performance when enforceable property rights are missing and subsistence needs matter. It shows that if per capita income is sufficiently high, a windfall gain in productivity triggers behavior that leads to higher growth (the normal reaction). The same shock...
Persistent link: https://www.econbiz.de/10003725568
This paper proposes a model that links households and firms, as usual, by markets for factors and goods and, additionally, by a banking sector that channels households' funds to firms and eliminates idiosyncratic risk. In equilibrium, agency costs and tax benefits of corporate debt are...
Persistent link: https://www.econbiz.de/10003725605
Persistent link: https://www.econbiz.de/10003741516
Leicht ist man geneigt, zu glauben, daß die Begeisterung über die Fußball-WM im Zusammenspiel mit jüngsten politischen Kampagnen ("Du bist Deutschland") und aktuellen patriotismusfördernden Publikationen (Matussek, 2006, Langenscheidt, 2006) tatsächlich eine Wesensveränderung bei einer...
Persistent link: https://www.econbiz.de/10003346228
A neoclassical growth model is augmented by a corporate sector, financial intermediation, and a set of tax rates. In this setting, capital structure is determined by the interplay between an advantage of debt finance resulting from the tax system and a disadvantage resulting from asymmetric...
Persistent link: https://www.econbiz.de/10003482450
This paper investigates the impact of subsistence consumption and extrinsic and intrinsic causes of child mortality on fertility and child expenditure. It offers a theory for why mankind multiplies at higher rates at geographically unfavorable, tropical locations. Placed into a macroeconomic...
Persistent link: https://www.econbiz.de/10003453378
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Persistent link: https://www.econbiz.de/10008903256
This paper proposes a theory for the gradual evolution of knowledge diffusion and growth over the very long run. A feedback mechanism between capital accumulation and the ease of knowledge diffusion explains a long epoch of (quasi-) stasis and an epoch of high growth linked by a gradual economic...
Persistent link: https://www.econbiz.de/10008906821