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Endogenous Growth and Intermediation in an Archipelago Economy

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  • F Zilibotti

Abstract

A general equilibrium model based on the parable of an economy of many islands shows the market imperfections in the intermediation activity affect economic growth and possibly prevent take off into sustained growth. The inhabitants of different islands accumulate heterogeneous assets and transportation-type intermediation allows for better allocation of the productive resources. The development process is accompanied by a reduction in intermediation costs, which induces firms to adopt more efficient techniques and sustains economic growth. A laissez-faire economy suffers from two distortions: the existence of market imperfections and a 'thick market' externality.

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Bibliographic Info

Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0167.

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Date of creation: Aug 1993
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Handle: RePEc:cep:cepdps:dp0167

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Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP

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Cited by:
  1. Keith Blackburn & Niloy Bose & Salvatore Capasso, 2003. "Financial Development, Financing Choice and Economic Growth," CSEF Working Papers 96, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  2. F Zilibotti, 1993. "A Rostovian Model of Endogenous Growth and Underdevelopment Traps," CEP Discussion Papers dp0166, Centre for Economic Performance, LSE.
  3. Deidda, Luca G., 2006. "Interaction between economic and financial development," Journal of Monetary Economics, Elsevier, vol. 53(2), pages 233-248, March.
  4. Paulo Brito & Luís Costa & Huw Dixon, 2010. "Non-Smooth Dynamics and Multiple Equilibria in a Cournt-Ramsey Model with Endogenous Markups," Working Papers Department of Economics 2010/14, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
  5. Gancia, Gino & Zilibotti, Fabrizio, 2005. "Horizontal Innovation in the Theory of Growth and Development," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 3, pages 111-170 Elsevier.

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