By Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky
This is often the 3rd of 3 volumes containing edited types of papers and commentaries awarded in invited symposium periods of the 8th global Congress of the Econometric Society. The papers summarize and interpret fresh key advancements and talk about destiny instructions in a variety of subject matters in economics and econometrics. The papers conceal either idea and purposes. Written by means of best experts of their fields those volumes supply a distinct survey of development within the self-discipline.
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Extra info for Advances in Economics and Econometrics: Theory and Applications, Eighth World Congress, Volume III (Econometric Society Monographs)
Using this (assuming that p − (1/K )∂ M/[∂(D/K )]( p − p(R, F(K )/K )) > 0), we ﬁnd it immediately clear that the sign of ∂C/∂ p depends on the sign of p(R, F(K )/K )E ( p(R, F(K )/K )) − p E ( p). Because p > p(R, F(K )/K ), it follows that C p can be positive only if the function p E ( p) is a decreasing function of p over a range. This makes it clear that it is entirely possible that C p be negative for all p, implying that implementing high values of p may, paradoxically, require less monitoring than implementing lower values.
Using this, we can deﬁne the expected cost of credit per unit of investment: C( , K , p, m) = p R. This formulation of the supply side of credit has the obvious advantage that the interest rate can be much higher than the cost of capital even if defaults are rare. This is because monitoring costs can be very high; indeed the reason why there is very little default may be a result of the resources spent on monitoring. It is useful to begin our analysis of this model with an examination of the properties of the C(·) function.
This must be taken into account in designing social protection mechanisms. Second, it is clearly important to try to reduce the cost of credit to the poor.
Advances in Economics and Econometrics: Theory and Applications, Eighth World Congress, Volume III (Econometric Society Monographs) by Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky