G10,O15,E

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Μακάριος Λιάπης
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1 G10,O15,E

2 1. Growh Manship 2. Income Disribuion 3. ProGrowh

3 U U U CK K= C MAX { E[ U ( C )]} = 0 (0,1) γ ε ( ε, ε ) θ ( θ, θ ) θ ε ) ( E( ε ) = 0 1. MENA (Middle Easand Norh Africa) 3. Greenwood and Jovanovich 4. Banerjee & Newman 5. Galor & Zeira

4 θ γ [ ] 1 K = 1 φ ( θ ε ) (1 φ ) γ γ (θ ) 1 K 1 i γ ( θ ) = 2. Overlapping 3. Townsend

5 θ ε W(K) V(K) εθ G(ε)F(θ) W K [ ) max i u( K i ) B max W ( K ), ( 1) ] ( 1 V K 1 df θ 1) dg( ε S. T : K 1 = I [ φ ( θ ε ) (1 φ ) γ ] = ) ( 1 u( K ) B max[ v( K 1) ] df ( V ( K ) = max i θ 1) S. T : K 1 = i γ ( θ ) wv k v(k)>w(k) U

6 1. Aghion and Bolon 3. Moral Hazard 4. Personal projecs

7 1. Income Redisribuion

8 (McKinnon, 1973) Peerson and Rajan, 1995 Rajan and Zingales, 2003 Liang, 2006 U wu ws yws> wu b=ycb c 1. Galor and Zheira 2. Undividable Invesmen

9 H r i U = c a b U * 1 a * = θ yb = (1 a) y y = c b ( [ ] U * ( x) = θ ( X w )(1 r) w U u u X * U U ( x)) ( u * sl ) X>h u * ( X ) = θ [( X h)(1 r) w ] sl s u * sl u u * w h( 1 r) w (2 r) s u X < h ( u * ) sb ( )( ) u * sb ( X ) = θ X h 1 i ws X f = wu (2 r) ws h(1 i) i r u * * sb u u a 1. θ = ( a) a (1 a) 1

10 X T b(x) ( 1 α ) ( )( 1 ) ( 1 α ) ( )( 1 ) ( 1 α ) ( )( 1 ) X Wu r w if X < f b ( X ) = X h i ws if f X h X h r ws if X h 1. lee.e al 2. Townsend and Ueda

11 GMM 1. modelbased quanaive research 2. ransional pahs 3. Beck.e al 4. LIANG 5. Generalized Mehod Of Momens 6. clarke.e al

12 U Barro, Bencour 2. Ang, J.(2010)

13 m i V y y GI i i i,..., 3, = = = α GI y V i U U U U Trend LPGDPsq LPGDP C LGI = ) ( U Trend LFD LHC LOPEN LPGDPsq LPGDP C LGI = ) ( U Trend LIQ LHC LOPEN LPGDPsq LPGDP C LGI = ) ( GI LPGDP LPGDPsq OPEN HC Trend FD Z F U IQ

14 U C LPGDP LPGDPsq Trend LOPEN LHC LFD LIQ F es DW R 2 U U U

15 U IQ U

16 U

17 U

18 1. Aghion.p and Bolon, "Disribuion and Growh in Models of Imperfec Capal Markes", European Economic Review, 36, 1992, Ahluwalia.M.S, "Inequaly, Povery and Developmen", Journal of Developmen, DEC, Alesina, A. and R. Peroi, "Income Disribuion, Polical Insabily and Invesmen", European Economic Review, 40(6), 1996, pp Barro, R, "Inequaly and Growh in a Panel of Counries", Journal of Economic Growh, 2000, Beck T,Demiraguckun,A.and.Levin, "Finance, inequaly and povery: crosscounry Evidence", World Bank Policy Research Working paper 3338, World Bank, Washingon D.C, Clarke. G, Xu,L.C, and H. Zou, Finance and income inequaly:tes of Alernaive Theories, World Bank Policy Research Working paper, 2984, Washingon D.C, Deininger, K. and L. Squire, "A New Daa Se Measuring Income Inequaly", World Bank Economic Review, 10(3), 1996, pp Galor. O and J. Zeira, "income Disribuion and Macroeconomics", Review of Economic Sudies, 60, 1993, Greenwood, J. and B. Jovanovich, "FinancialDevelopmen,Growh,andhe Disribuion of income", Journal of polical Economy, 98, 1990, IMF, Inernaional Financial Saisics Daabase, Washingon, DC, Kuznes, S, "economic Growh and income inequaly", American Economic Review, 95, 1995, Thorsen, Beck, Asli Demirguc Kun & Ross Levine, "Finance, Inequaly and he Poor", Journal of Economic Growh, 12, 2007, Liang, Zhicheng, "Financial Developmen and Income Disribuion: A Sysem GMM Panel Analysis wh Applicaion Turban China", Journal of Economic Developmen, Volume 31, 2006, Number Townsend, R and Ueda,K, "Financial Deepening, Inequaly, and Growh: A ModelBased Quanaive Evaluaion", No 03/193, IMF Working Papers from Inernaional Moneary Fund, 2005.

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