 Overview of General Equilibrium Models with Imperfect Financial Markets and the Accumulation of Human CapitalAngelina Shpilevaya ()
Russian Journal of Money and Finance, 2022, vol. 81, issue 3, 54-71 Abstract: The imposition of sanctions on the Russian economy, the emergence of numerous restrictions on financial markets, and the termination of cooperation with international organisations have raised the question of stimulating economic growth through domestic factors, including human capital. General equilibrium models can be used to analyse the consequences of stimulating the accumulation of human capital. One of the most important aspects of such models is the presence of credit constraints. Under conditions of risk, uncertainty, imperfect information, and credit and insurance markets, opportunities to accumulate human capital are limited by household wealth, which can result in low economic growth, reproduction of the inequality across the generations, and a Pareto-inferior equilibrium. State policy can contribute to the mitigation of existing constraints if the capital market is imperfect or does not exist at all. Keywords: general equilibrium model; education; human capital; economic growth; credit constraints; imperfect financial market (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bkr:journl:v:81:y:2022:i:3:p:54-71 Access Statistics for this article Russian Journal of Money and Finance is currently edited by Ksenia Yudaeva More articles in Russian Journal of Money and Finance from Bank of Russia Contact information at EDIRC. |
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