Assets, human capital, and growth
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.
|Date of creation:||01 Nov 1998|
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- Hanan G. Jacoby & Emmanuel Skoufias, 1997. "Risk, Financial Markets, and Human Capital in a Developing Country," Review of Economic Studies, Oxford University Press, vol. 64(3), pages 311-335.
- Ross Levine, 1997.
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American Economic Association, vol. 35(2), pages 688-726, June.
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- Bottazzi, Laura & Pesenti, Paolo & van Wincoop, Eric, 1996. "Wages, profits and the international portfolio puzzle," European Economic Review, Elsevier, vol. 40(2), pages 219-254, February.
- Gabrielle Demange & Laroque Guy, 1995.
"Optimality of Incomplete Markets,"
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