We ask which part of the observed cross-country differences in the level of per capita income can be accounted for by monopoly rights in the labour market. We answer this question in a calibrated growth model with two final goods sectors. The
The biotech industry’s recent discoveries have deepened our understanding of genetics and present next to indefinite opportunities to create new products and treatments by genetic manipulation. But these exciting discoveries also pose many challenging questions and immediate needs. Most people are unaware
This paper argues that borrowers who are considered to be too risky are excluded from microfinance markets due to credit rationing. Insufficient institutional frameworks imply moral hazard which in turn causes the rationing of credit. Focusing on outreach and pricing issues, it