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|Title:||Endogenous inequality and fluctuations in a two-country model|
|Authors:||Kikuchi, T. |
|Keywords:||Credit market imperfection|
|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|
|Appears in Collections:||Staff Publications|
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