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General Equilibrium Models of Financial Systems: Theory and Measurement in Village Economies

  • Lim, Y.
  • Townsend, R.M.

The transactions and production file are used to create measures of the use of currency and crop inventory as well as changes in real capital assets, livestock, and net indebtedness for three ICRISAT villages in India's semi-arid tropics. These asset data are used with income and consumption data to judge the goodness of fit for three models: complete markets or an equivalent set of institutions, exogenously incomplete market models, and endogenously incomplete mechanism design models with moral hazard.

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Paper provided by Centro de Estudios Monetarios Y Financieros- in its series Papers with number 9716.

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Length: 55 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:fth:cemfdt:9716
Contact details of provider: Postal: Centro de Estudios Monetarios Y Financieros. Casado del Alisal, 5-28014 Madrid, Spain.
Phone: 914290551
Fax: 914291056
Web page: http://www.cemfi.es/
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  25. Prescott, Edward C & Townsend, Robert M, 1984. "Pareto Optima and Competitive Equilibria with Adverse Selection and Moral Hazard," Econometrica, Econometric Society, vol. 52(1), pages 21-45, January.
  26. Abhijit V. Banerjee & Eric S. Maskin, 1996. "A Walrasian Theory of Money," Harvard Institute of Economic Research Working Papers 1753, Harvard - Institute of Economic Research.
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  29. Scheinkman, Jose A & Weiss, Laurence, 1986. "Borrowing Constraints and Aggregate Economic Activity," Econometrica, Econometric Society, vol. 54(1), pages 23-45, January.
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