Education and growth with endogenous debt constraints
نویسندگان
چکیده
منابع مشابه
Education and Growth with Endogenous Debt Constraints
When future human capital cannot be alienated, households are allowed to borrow up to the point where it is in their own interest not to default. In such a framework, endogenous borrowing limits arise as the outcome of individual rationality constraint. In a model where education is the engine of growth, we show that endogenous borrowing constraints imply global indeterminacy. Comparing outcome...
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ژورنال
عنوان ژورنال: Economic Theory
سال: 2006
ISSN: 0938-2259,1432-0479
DOI: 10.1007/s00199-006-0159-6