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https://doi.org/10.1016/j.jet.2009.01.001
| Title: | Endogenous inequality and fluctuations in a two-country model | Authors: | Kikuchi, T. Stachurski, J. |
Keywords: | Credit market imperfection Endogenous cycles Symmetry-breaking Two-country model |
Issue Date: | 2009 | Citation: | Kikuchi, T., Stachurski, J. (2009). Endogenous inequality and fluctuations in a two-country model. Journal of Economic Theory 144 (4) : 1560-1571. ScholarBank@NUS Repository. https://doi.org/10.1016/j.jet.2009.01.001 | Abstract: | We study a two-country version of Matsuyama's [K. Matsuyama, Financial market globalization, symmetry-breaking, and endogenous inequality of nations, Econometrica 72 (2004) 853-884] world economy model. As in Matsuyama's model, symmetry-breaking can be observed, and symmetry-breaking generates endogenously determined levels of inequality. In addition, we show that when the countries differ in population size, their interaction through credit markets may lead to persistent endogenous fluctuations.©2009 Elsevier Inc. All rights reserved. | Source Title: | Journal of Economic Theory | URI: | http://scholarbank.nus.edu.sg/handle/10635/19979 | ISSN: | 00220531 10957235 |
DOI: | 10.1016/j.jet.2009.01.001 |
| Appears in Collections: | Staff Publications |
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