Financial Structure, Inequalities, and Growth
The model analyses the joint process of growth and financial institutions development. There are two markets for credit: the informal credit market, and banks. The informal credit market has an advantage in temr of monitoring capacity but becomes extremely costly for large scale projects. Banks cannot monitor entrepreneurs perfectly, hence the ;atter need to provide a collateral; but they can gather a large amounts of capital at a relatively low cost.
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|Date of creation:||1999|
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