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Agency costs in the process of development

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  • Daron Acemoglu
  • Fabrizio Zilibotti

Abstract

We analyse an economy where production is subject to moral hazard.

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File URL: http://www.econ.upf.edu/docs/papers/downloads/157.pdf
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Bibliographic Info

Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 157.

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Date of creation: Feb 1996
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Handle: RePEc:upf:upfgen:157

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Web page: http://www.econ.upf.edu/

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References

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  1. Acemoglu, Daron & Zilibotti, Fabrizio, 1997. "Was Prometheus Unbound by Chance? Risk, Diversification, and Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 105(4), pages 709-51, August.
  2. Lazear, Edward P & Rosen, Sherwin, 1981. "Rank-Order Tournaments as Optimum Labor Contracts," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 89(5), pages 841-64, October.
  3. Greenwood, Jeremy & Jovanovic, Boyan, 1990. "Financial Development, Growth, and the Distribution of Income," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 98(5), pages 1076-1107, October.
  4. Greenwood, J. & Smith, B.D., 1995. "Financial Markets in Development, and the Development of Financial Markets," RCER Working Papers 406, University of Rochester - Center for Economic Research (RCER).
  5. Grossman, Sanford J & Stiglitz, Joseph E, 1980. "On the Impossibility of Informationally Efficient Markets," American Economic Review, American Economic Association, American Economic Association, vol. 70(3), pages 393-408, June.
  6. Rothschild, Michael & Stiglitz, Joseph E, 1976. "Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 90(4), pages 630-49, November.
  7. Banerjee, Abhijit V & Newman, Andrew F, 1993. "Occupational Choice and the Process of Development," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 101(2), pages 274-98, April.
  8. Kyle, Albert S, 1989. "Informed Speculation with Imperfect Competition," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 56(3), pages 317-55, July.
  9. Diamond, Douglas W, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 51(3), pages 393-414, July.
  10. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, Elsevier, vol. 3(4), pages 305-360, October.
  11. Poirier, Dale J., 1991. "Editor's introduction," Journal of Econometrics, Elsevier, Elsevier, vol. 49(1-2), pages 1-4.
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Cited by:
  1. Nazmi, Nader, 2005. "Deregulation, financial deepening and economic growth: The case of Latin America," The Quarterly Review of Economics and Finance, Elsevier, Elsevier, vol. 45(2-3), pages 447-459, May.
  2. Taylor, John B., 1998. "The Robustness and Efficiency of Monetary Policy Rules as Guidelines for Interest Rate Setting by the European Central Bank," Seminar Papers, Stockholm University, Institute for International Economic Studies 649, Stockholm University, Institute for International Economic Studies.
  3. de Aghion, Beatriz Armendariz, 1999. "Development banking," Journal of Development Economics, Elsevier, Elsevier, vol. 58(1), pages 83-100, February.
  4. Acemoglu, D. & Zilibotti, F., 1997. "Setting Standards: Information Accumulation in Development," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 97-6, Massachusetts Institute of Technology (MIT), Department of Economics.
  5. Tressel, Thierry, 2003. " Dual Financial Systems and Inequalities in Economic Development," Journal of Economic Growth, Springer, Springer, vol. 8(2), pages 223-57, June.
  6. Mishkin, Frederic S., 1998. "International Experiences With Different Monetary Policy Regimes," Seminar Papers, Stockholm University, Institute for International Economic Studies 648, Stockholm University, Institute for International Economic Studies.
  7. Lindbeck, Assar, 1998. "Swedish Lessons for Post-Socialist Countries," Working Paper Series, Research Institute of Industrial Economics 498, Research Institute of Industrial Economics.
  8. C. Simon Fan & Herschel I. Grossman, 1998. "Incentives and Corruption in Chinese Economic Reform," Working Papers 98-8, Brown University, Department of Economics, revised Sep 1998.

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