Market Power, Inequality, and Financial Instability
نویسندگان
چکیده
منابع مشابه
Spiraling toward market completeness and financial instability
I study the limit of a large random economy, where a set of consumers invests in financial instruments engineered by banks, in order to optimize their future consumption. This exercise shows that, even in the ideal case of perfect competition, where full information is available to all market participants, the equilibrium develops a marked vulnerability (or susceptibility) to market imperfectio...
متن کاملFinancial Market Policies to Reduce Income Inequality
1 The study employs the Deininger and Squire (1996) set of Gini coefficients for 49 developed and developing countries from 1947-94. It uses five-year averages of these and all explanatory variable data. Previous chapters of this report have emphasized the role of factor prices, and particularly the wages of unskilled workers, as a key determinant of income inequality. Through their impact on f...
متن کاملInequality , Market Power , and Product Diversity
We analyze a macroeconomic model of monopolistic competition in which consumers earn unequal incomes. When preferences are non-homothetic, the distribution of income affects equilibrium mark-ups and equilibrium product diversity. Inequality, Market Power, and Product Diversity Reto Foellmi, University of Zurich Josef Zweimüller, University of Zurich, CESifo, IZA, and CEPR∗†
متن کاملFinancial Market Globalization and Endogenous Inequality of Nations
This paper analyzes the effects of financial market globalization on the crosscountry pattern of development in the world economy. To this end, it develops a dynamic macroeconomic model of imperfect credit markets, in which the domestic investment becomes borrowing-constrained at the lower stage of development. In the absence of the international financial market, the world economy converges to...
متن کاملFinancial Market Globalization, Symmetry-breaking and Endogenous Inequality of Nations
This paper investigates the effects of financial market globalization on the inequality of nations. The world economy consists of inherently identical countries, which could differ only in their levels of capital stock. Each country is represented by the standard overlapping generations model, modified only to incorporate credit market imperfection. An integration of financial markets affects t...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Social Science Research Network
سال: 2022
ISSN: ['1556-5068']
DOI: https://doi.org/10.2139/ssrn.4313125