By Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)
ISBN-10: 0521818745
ISBN-13: 9780521818742
Read Online or Download Advances in economics and econometrics, vol. 3 PDF
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Additional info for Advances in economics and econometrics, vol. 3
Example text
They find that an extra one rupee of credit increases profits, net of interest, by more than one rupee. Duflo (2000) finds evidence of strong income effects on investment in the health of young girls in South Africa, though it is not clear that it primarily reflects the effect on access to credit. However, these studies are relatively recent, and only time can tell whether their results will turn out to be robust enough to be the foundations of a theory of development. As of now, as in many other instances, theory seems to be ahead of the evidence.
Contracting in product markets is less studied in the context of less developed countries (LDCs). However, as the share of quality-sensitive products in world demand grows (as it has in recent years because of the growth in the new economy), sellers in LDCs will have to be able to assure buyers that they are getting the desired quality. Because quality is not easy to contract on ex ante, this will raise the importance of appropriate contract design in product markets for LDCs. It will also make reputation and brand names much more valuable, making it harder for new entrants.
Of course, this is conditional on the loan contract being viable, which is not the case when monitoring is too costly. Aleem’s data set from Pakistan, mentioned herein, is an example. 6. The Optimal Credit Contract With Monitoring The optimal credit contract will be a combination (K , p) that maximizes F(K )E( p) − p R( , K , p, m)K M. The first-order conditions that describe the optimal contract (when it is not a corner solution) are F(K )E ( p) = K C p , F (K )E( p) = C + K C K . 7) There is, however, relatively little that we can say about the optimal credit contract at this level of generality.
Advances in economics and econometrics, vol. 3 by Dewatripont M., Hansen L.P., Turnovsky S.J. (eds.)
by Michael
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