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Endogenous inequality and fluctuations in a two-country model

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Author Info
Kikuchi, Tomoo
Stachurski, John
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.

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File URL: http://www.sciencedirect.com/science/article/B6WJ3-4VGF41G-1/2/9444f30184a7a3b99b86c362ab4b8d26
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Publisher Info
Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 144 (2009)
Issue (Month): 4 (July)
Pages: 1560-1571
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Handle: RePEc:eee:jetheo:v:144:y:2009:i:4:p:1560-1571

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Web page: http://www.elsevier.com/locate/inca/622869

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Related research
Keywords: Credit market imperfection Endogenous cycles Symmetry-breaking Two-country model;

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This page was last updated on 2009-12-3.


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