General Equilibrium Models of Financial Systems: Theory and Measurement in Village Economies

Y. Lim and Robert M. Townsend

Working Papers from Centro de Estudios Monetarios Y Financieros-

Abstract: The transactions and production file are used to create measures of the use of currency and crop inventory as well as changes in real capital assets, livestock, and net indebtedness for three ICRISAT villages in India's semi-arid tropics. These asset data are used with income and consumption data to judge the goodness of fit for three models: complete markets or an equivalent set of institutions, exogenously incomplete market models, and endogenously incomplete mechanism design models with moral hazard.

Keywords: GENERAL EQUILIBRIUM; INDIA; VILLAGES; FINANCIAL ADMINISTRATION (search for similar items in EconPapers)
JEL-codes: C68 (search for similar items in EconPapers)
Date: 1997
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Journal Article: General Equilibrium Models of Financial Systems: Theory and Measurement in Village Economies (1998)
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