Credit Markets With Differences in Abilities: Education, Distribution, and Growth
构建内生增长模型，分析信贷市场如何让能力不同的人分别专注学习或工作，从而影响增长、福利和收入分配。
This article presents an endogenous growth model in which credit markets affect time allocation of individuals with different educational abilities. Credit markets allow the more able to specialize in studying and the less able to specialize in working. This specialization can increase growth and welfare. This article also shows that in economies with high (low) levels of education abilities, the opening of credit markets induces a more disperse (equal) income distribution. The role of intergenerational transfers in overcoming the absence of credit markets is also discussed, as well as other forms of credit markets imperfections.