Financial Market Globalization, Symmetry-Breaking, and Endogenous Inequality of Nations
研究金融市场全球化如何影响国家间不平等，通过一个包含信贷市场不完美的世代交叠模型，分析全球化如何改变技术回报递减与财富依赖借贷约束之间的平衡，从而影响稳态分布。
This paper investigates the effects of financial market globalization on the inequality of nations. The world economy consists of inherently identical countries, which 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 the set of stable steady states, as it changes the balance between the equalizing force of the diminishing returns technology and the unequalizing force of the wealth-dependent borrowing constraint. The model is tractable enough to allow for a complete characterization of the stable steady states. Copyright The Econometric Society 2004.