379 resultados para Revelation
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Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)
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This paper examines whether the presence of informal credit markets reduces the cost of credit rationing in terms of growth. In a dynamic general equilibrium framework, we assume that firms are heterogenous with different degrees of risk and households invest in human capital development. With the help of Indian household level data we show that the informal market reduces the cost of rationing by increasing the growth rate by 0.7 percent. This higher growth rate, in the presence of an informal sector, is due to the ability of the informal market to separate the high risk from the low risk firms thanks to better information. But even after such improvement we do not get the optimum outcome. The findings, based on our second question, suggest that the revelation of firms' type, based on incentive compatible pricing, can lead to almost 2 percent higher growth rate as compared to the credit rationing regime with informal sector.
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On title page: Author's copy.
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Includes index.
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Mode of access: Internet.
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Mode of access: Internet.
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The Gospel of John is included in this copy; the Gospels of Matthew and John have each a special t.-p. in Micmac, dated respectively 1871 and 1872.