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The paper suggests that when firms differ stochastically in their productivity, a bank may find...

The purpose of this paper is to explain the humped-shaped behavior of the growth rate. Within a...

This paper addresses two complications arising from the use of collateral requirements in debt...

The transition from plan to market has hinged on the development of a dynamic private sector that...

We analyze an overlapping generations economy with financial frictions and accumulation of both...

The fundamental importance of economic institutions for economic growth through their impact on...