Contraintes de liquidité et capital humain dans une petite économie ouverte

Florian Pelgrin

Staff Working Papers from Bank of Canada

Abstract: In an overlapping-generations model that represents a small open economy, where agents live two periods, liquidity constraints lead to low economic development when the only accumulable factor is human capital. In the context of multiple equilibria, an underdevelopment trap can result in which the growth rate of the economy and the level of education are low. A financial liberalization policy may lead to improvements in such a situation.

Keywords: Economic; models (search for similar items in EconPapers)
JEL-codes: I20 O40 (search for similar items in EconPapers)
Pages: 43 pages
Date: 2004
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