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Occupational Choice, Financial Market Imperfections and Development

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  • Emilio Colombo

    ()
    (Department of Economics, University of Milan-Bicocca)

  • Akos Valentinyi

    (University of Southampton & CEPR)

Abstract

We develop a simple model of occupational choice under financial market im- perfections, in the presence of technological convexities. The aim is to analyze the quantitative effect of these imperfections on the level of income. We find that although their effect is relatively large, financial market imperfections alone are not able to explain the observed cross country difference in income. However, when interacted with the issue of mobility, those imperfections become much more relevant, to the point of pushing the economy into a development trap.

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File URL: http://dipeco.economia.unimib.it/repec/pdf/mibwpaper49.pdf
File Function: First version, 2002
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Bibliographic Info

Paper provided by University of Milano-Bicocca, Department of Economics in its series Working Papers with number 49.

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Length: 29 pages
Date of creation: Jan 2002
Date of revision: Jan 2002
Handle: RePEc:mib:wpaper:49

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  1. Ann L. Owen & David N. Weil, 1997. "Intergenerational Earnings Mobility, Inequality, and Growth," NBER Working Papers 6070, National Bureau of Economic Research, Inc.
  2. Piketty, Thomas, 1997. "The Dynamics of the Wealth Distribution and the Interest Rate with Credit Rationing," Review of Economic Studies, Wiley Blackwell, vol. 64(2), pages 173-89, April.
  3. Loury, Glenn C, 1981. "Intergenerational Transfers and the Distribution of Earnings," Econometrica, Econometric Society, vol. 49(4), pages 843-67, June.
  4. Robert E. Lucas Jr., 1978. "On the Size Distribution of Business Firms," Bell Journal of Economics, The RAND Corporation, vol. 9(2), pages 508-523, Autumn.
  5. Greenwood, J. & Jovanovic, B., 1988. "Financial Development, Growth, And The Distribution Of Income," RCER Working Papers 131, University of Rochester - Center for Economic Research (RCER).
  6. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
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