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Endogenous Inequality and Fluctuations in a two-Country Model

Kikuchi, Tomoo; Stachurski, John


We study a two-country version of Matsuyama's [K. Matsuyama, Financial market globalization, symmetry-breaking, and endogenous inequality of nations, Econometrica 72 (2004) 853-884] world economy model. As in Matsuyama's model, symmetry-breaking can be observed, and symmetry-breaking generates endogenously determined levels of inequality. In addition, we show that when the countries differ in population size, their interaction through credit markets may lead to persistent endogenous...[Show more]

CollectionsANU Research Publications
Date published: 2009
Type: Journal article
Source: Journal of Economic Theory
DOI: 10.1016/j.jet.2009.01.001


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