In this paper we illustrate the possible normative relevance of the links between human capital and financial assets via an example related to growth. When the financial structure is complete, growth is indeterminate because individual allocations between human capital and a tradable asset are indeterminate. When the financial structure is incomplete, the growth rate depends on the payoff structure of the assets. An issue of optimality for the structure of asset returns is raised.
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Paper provided by Universite catholique de Louvain - Center for Operations Research and Economics (CORE) in its series Papers with number
9863.
Length: 18 pages Date of creation: 1998 Date of revision: Handle: RePEc:fth:louvco:9863
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