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Title: Endogenous inequality and fluctuations in a two-country model
Authors: Kikuchi, T. 
Stachurski, J.
Keywords: Credit market imperfection
Endogenous cycles
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.
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
ISSN: 00220531
DOI: 10.1016/j.jet.2009.01.001
Appears in Collections:Staff Publications

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