| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 986952 | Review of Economic Dynamics | 2012 | 12 Pages |
Abstract
⺠I present an endogenous growth model with asymmetric information about asset qualities. ⺠Asymmetric information lowers economic growth if and only if there are gains from asset trade. ⺠In this case, the trading volume in the asset market is always positive. ⺠Gains from asset trade exist if and only if aggregate productivity is sufficiently high. ⺠Asset market shutdowns and accompanying low economic growth are due to low aggregate productivity.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Hajime Tomura,