Financial Infrastructure, Technological Shift, and Inequality in Economic Development
Financial Infrastructure, Technological Shift, and Inequality in Economic Development
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金融基础设施、技术转变和经济发展的不平等
DOI：
10.1017/s1365100511000356
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发表时间：
2013
影响因子：
0.9
通讯作者：
Kazuhiro Yamamoto
中科院分区：
文献类型：
--
作者：
Ryo Horii;Ryoji Ohdoi;Kazuhiro Yamamoto
本文建立了一个具有技术选择和不完善金融市场的代际交叠模型，考察了经济发展中收入分配的演变。该模型表明，金融基础设施的改善通过提高总资本-劳动比率和引起向资本密集型技术的技术转移来促进经济发展。虽然在特定技术下较高的资本-劳动比率会减少不平等，但技术转移可能导致经济租金集中在少数代理人身上。我们得到的条件下，金融基础设施的改善，实际上降低了代理人的平均效用。
This paper presents an overlapping generations model with technology choice and imperfect financial markets, and examines the evolution of the income distribution in economic development. The model shows that improvements in financial infrastructure facilitate economic development both by raising the aggregate capital–labor ratio and by causing a technological shift to more capital-intensive technologies. Although a higher capital–labor ratio under a given technology reduces inequality, a technological shift can lead to a concentration of economic rents among a smaller number of agents. We derive the condition under which an improvement in financial infrastructure actually decreases the average utility of agents.