This paper studies the effects that the inability of individuals to borrow against future income has on economic growth. The model assumes that human capital, w

This paper addresses the growth, welfare, and distributional effects of credit markets. We construct a general equilibrium model where human capital is the engi

We study the dynamic properties of growth rates in an overlapping generations economy with credit market imperfections, constructing a Schumpeterian growth mode

In this paper we explore some of the informational problems that constrain the development of credit markets in transition economies. We characterize investment