出版社：Suntory Toyota International Centres for Economics and Related Disciplines
摘要：In this paper we build a model of financial intermediation that explains the GDP variability pattern of an economy during the development process. In our model, per capita output is more volatile in middle-income economies than in both low and high-income economies. We show that, if the model economy is in the early or in the mature stages of development, multiple equilibria arise. Moreover, we find that in economies with imperfect credit markets, per capita output volatility tneds to be higher than in economies with perfect or non-existent credit markets
