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General Equilibrium Models of Financial Systems: Theory and Measurement in Village Economies

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Author Info
Lim, Y.
Townsend, R.M.

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Abstract

The transactions and production file are used to create measures of the use of currency and crop inventory as well as changes in real capital assets, livestock, and net indebtedness for three ICRISAT villages in India's semi-arid tropics. These asset data are used with income and consumption data to judge the goodness of fit for three models: complete markets or an equivalent set of institutions, exogenously incomplete market models, and endogenously incomplete mechanism design models with moral hazard.

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Publisher Info
Paper provided by Centro de Estudios Monetarios Y Financieros- in its series Papers with number 9716.

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Length: 55 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:fth:cemfdt:9716

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Related research
Keywords: GENERAL EQUILIBRIUM ; INDIA ; VILLAGES ; FINANCIAL ADMINISTRATION;

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Find related papers by JEL classification:
C68 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computable General Equilibrium Models

References listed on IDEAS
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.:

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  2. Constantinides, George M & Duffie, Darrell, 1996. "Asset Pricing with Heterogeneous Consumers," Journal of Political Economy, University of Chicago Press, vol. 104(2), pages 219-40, April. [Downloadable!] (restricted)
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  3. Allen, Franklin, 1985. "Repeated principal-agent relationships with lending and borrowing," Economics Letters, Elsevier, vol. 17(1-2), pages 27-31. [Downloadable!] (restricted)
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  5. Bewley, Truman, 1977. "The permanent income hypothesis: A theoretical formulation," Journal of Economic Theory, Elsevier, vol. 16(2), pages 252-292, December. [Downloadable!] (restricted)
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  17. Imrohoruglu, Ayse, 1989. "Cost of Business Cycles with Indivisibilities and Liquidity Constraints," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1364-83, December. [Downloadable!] (restricted)
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  21. Ligon, Ethan, 1994. "Risk-sharing under varying information regimes : theory and measurement in village economies," CUDARE Working Paper Series 727, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
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  24. Prescott, Edward C & Townsend, Robert M, 1984. "Pareto Optima and Competitive Equilibria with Adverse Selection and Moral Hazard," Econometrica, Econometric Society, vol. 52(1), pages 21-45, January. [Downloadable!] (restricted)
  25. John Heaton & Deborah Lucas, 1993. "Evaluating the Effects of Incomplete Markets on Risk Sharing and Asset Pricing," NBER Working Papers 4249, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  26. Phelan, J.C., 1990. "Incentives, Insurance And The Variability Of Con Somption And Leisure," Working papers 90-26, Wisconsin Madison - Social Systems.
  27. Scheinkman, Jose A & Weiss, Laurence, 1986. "Borrowing Constraints and Aggregate Economic Activity," Econometrica, Econometric Society, vol. 54(1), pages 23-45, January. [Downloadable!] (restricted)
  28. Hansen, Lars Peter & Singleton, Kenneth J, 1982. "Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models," Econometrica, Econometric Society, vol. 50(5), pages 1269-86, September. [Downloadable!] (restricted)
  29. Green, Edward J & Oh, Soo-Nam, 1991. "Contracts, Constraints and Consumption," Review of Economic Studies, Blackwell Publishing, vol. 58(5), pages 883-99, October. [Downloadable!] (restricted)
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(explanations, 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. Y. Jin & T. Temzelides, 1999. "On the Local Interaction of Money and Credit," Macroeconomics 9905001, EconWPA. [Downloadable!]
    Other versions:
  2. Morduch, Jonathan, 1999. "Between the State and the Market: Can Informal Insurance Patch the Safety Net?," World Bank Research Observer, Oxford University Press, vol. 14(2), pages 187-207, August. [Downloadable!]
  3. Dean Yang, 2006. "Coping with Disaster: The Impact of Hurricanes on International Financial Flows, 1970-2002," NBER Working Papers 12794, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. Pushkar Maitra, 2001. "A quantitative analysis of employment guarantee programmes with an application to rural India," Journal of International Trade & Economic Development, Taylor and Francis Journals, vol. 10(2), pages 211-228, June. [Downloadable!] (restricted)
  5. Marijke Verpoorten, 2007. "Household Coping in war- and peacetime: cattle sales in Rwanda, 1991-2001," LICOS Discussion Papers 18907, LICOS - Centre for Institutions and Economic Performance, K.U.Leuven. [Downloadable!]
    Other versions:
  6. Manuela Angelucci & Giacomo De Giorgi, 2006. "Indirect Effects of an Aid Program: The Case of Progresa and Consumption," IZA Discussion Papers 1955, Institute for the Study of Labor (IZA). [Downloadable!]
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