WebJul 1, 1992 · P. Aghion, P. Bolton Economics 1 July 1992 We analyze incomplete long-term financial contracts between an entrepreneur with no initial wealth and a wealthy investor. Both agents have potentially conflicting objectives since the entrepreneur… Expand 2,039 302 View via Publisher Cite The Environment and Directed Technical Change Web1993; Galor and Zeira, 1993; Aghion and Bolton, 1997; Piketty, 1997; Aghion, 2002; Townsend and Ueda, 2006). Indeed, empirical work finds that financial systems that ease credit constraints disproportionately boost the incomes of low-income individuals, putting downward pressures on income inequality (e.g., Beck, Demirgüç-Kunt, and
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WebApr 3, 2024 · Aghion&Bolton(1992)第一发觉了该问题，并以债权作为背景提出了一个十分重要的思想，即最优的剩余操纵权配置应该是“操 纵权的相机转移”——在企业经营状态好时，操纵权归企业经营者：当企业经营状态不行(比 如不能还本付息)时，操纵权应该转移给投资 … WebApr 1, 1997 · A Theory of Trickle-Down Growth and Development. P. Aghion, P. Bolton. Published 1 April 1997. Economics. The Review of Economic Studies. This paper … how to help bags under eyes naturally
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WebAghion, Philippe, and Peter Howitt. 1992. “A Model of Growth Through Creative Destruction." Econometrica 60, no. 2: 323-351. Abstract A model of endogenous growth is developed in which vertical innovations, generated by a competitive research sector, constitute the underlying source of growth. Equilibrium is determined by a forward-looking ... WebThe fundamental idea of the Aghion and Howitt (1992) model is that entrepreneurs invest in research and development processes that enhance the productivity of intermediate (capital) goods used in the production of final goods. Such productivityenhancing innovations drive the - pace of technical progress and are thus a key source of economic growth. WebAghion, P., & Bolton, P. (1992). An Incomplete Contracts Approach to Financial Contracting. The Review of Economic Studies, 59, 473-494. - References - Scientific Research Publishing Article citations More>> Aghion, P., & Bolton, P. (1992). An Incomplete Contracts Approach to Financial Contracting. joined forces wsj