We develop a simple model of credit market imperfections, in which the agents have access to a variety of investment projects, which differ in productivity, in the investment size, and in the severity of the agency problems behind the borrowing constraints. A movement in borrower net worth can shift the composition of the credit between projects with different productivity levels. The model thu...

Advanced driver assistance systems (ADAS) have the potential to accomplish a major contribution to road safety. This is valid for minor crashes to very severe accidents with personal injuries. The Allianz Centre for Technology attends the development of new driver assistance systems by carrying out accident analysis and estimating the efficiency of new ADAS. In this context new ADAS from differ...

L’objectif de cet article est d’évaluer la vulnérabilité des petits territoires insulaires à spécialisation touristique face aux conséquences du changement climatique. Premièrement, ces espaces, indépendamment retenue, sont structurellement exposés Deuxièmement, le tourisme une activité par nature très dépendante conditions géo-climatiques. Aussi, combinaison insularité/spécialisation susceptib...

This paper investigates whether technological shocks, constructed to be consistent with the observed cross-country income dispersion, are also capable of accounting for development regularities related to capital accumulation. This question is approached via a quantitative theoretical analysis of an integrated world economy model. An open economy framework constrains country heterogeneity to be...

This paper analyzes the relationship between industrialization and technology in detail. Three main conclusions are obtained: (i) the crucial factor for the existence of a poverty trap is the degree of substitutability among intermediate inputs; (ii) the e1ects of technological progress in the manufactured good sector and the intermediate goods sector on industrialization di1er with the degree ...

This paper develops a simple accounting framework that measures the effect of resource misallocation on aggregate productivity. This framework is based on a multi-sector general equilibrium model with sector-specific frictions in the form of taxes on sectoral factor inputs. This framework is flexible for demand side assumptions such as preference and aggregate production function. Moreover, thi...

This paper looks at the convergence clubs literature from a Schumpeterian perspective, and it follows the idea that cross-country differences in the ability to innovate and to imitate foreign technologies determine the existence of clustering, polarization and convergence clubs. The study investigates the characteristics of different technology clubs and the growth trajectories that they have f...

The Penn World Tables (PWT) are an important data source for cross-country comparisons. The PWT have undergone several revisions over time and due to these revisions, some well-received evidence based on one version of the PWT may not survive when another version of the data is used. This paper explores such a possibility. Using four publicly available versions of the PWT, we first examine how ...

I analyze the effect of inequality on growth over different time-frames. In a large cross-country dataset for the period 1950-2007 I find evidence of a short-run (5-year periods) and medium-run (10-year periods) inverse-U relationship between inequality and growth. In the long-run (20-year periods), however, inequality has a negative effect on growth in poor countries, and a positive effect in ...

Departing from explanations that involve either altruistic or political motivations of donors, we link a donor’s willingness to give aid to economic incentives and returns. Since targeted aid might increase the returns from trade and FDI linkages for donors, there exists a non-altruistic basis for helping poor countries. We explore this idea by developing a two-country dynamic strategic interac...