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The Voracity Effect

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Author Info
Aaron Tornell
Philip R. Lane

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Abstract

The authors analyze an economy that lacks a strong legal-political institutional infrastructure and is populated by multiple powerful groups. Powerful groups dynamically interact via a fiscal process that effectively allows open access to the aggregate capital stock. In equilibrium, this leads to slow economic growth and a 'voracity effect,' by which a shock, such as a terms of trade windfall, perversely generates a more-than-proportionate increase in fiscal redistribution and reduces growth. The authors also show that a dilution in the concentration of power leads to faster growth and a less procyclical response to shocks.

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Publisher Info
Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 89 (1999)
Issue (Month): 1 (March)
Pages: 22-46
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Handle: RePEc:aea:aecrev:v:89:y:1999:i:1:p:22-46

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Aizenman, Joshua, 1992. "Competitive Externalities and the Optimal Seigniorage," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 24(1), pages 61-71, February. [Downloadable!] (restricted)
  2. Barro, Robert J, 1996. " Institutions and Growth, an Introductory Essay," Journal of Economic Growth, Springer, vol. 1(2), pages 145-48, June.
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This page was last updated on 2008-7-16.

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