dc.contributor.author |
Zhang, Haiping |
en |
dc.date.accessioned |
2017-06-21T04:48:37Z |
en |
dc.date.issued |
2017-04 |
en |
dc.identifier.citation |
Economic Theory 63(4):997-1025 Apr 2017 |
en |
dc.identifier.issn |
0938-2259 |
en |
dc.identifier.uri |
http://hdl.handle.net/2292/33688 |
en |
dc.description.abstract |
Matsuyama (Econometrica 72(3):853–884, 2004) shows that financial integration may lead to income polarization among inherently identical countries, if these countries are financially underdeveloped, a result he calls “symmetry breaking.” By introducing the minimum investment requirement and within-country wealth inequality into Matsuyama’s framework, I show that wealth inequality is as important as financial development in determining the possibility of symmetry breaking. I then address three practical issues in this model, e.g., the conditions of financial integration, the domestic financial crisis and capital controls, and the world interest rate changes and income volatility. |
en |
dc.description.uri |
https://catalogue.library.auckland.ac.nz/primo-explore/fulldisplay?docid=uoa_alma21160318270002091&context=L&vid=NEWUI&search_scope=Combined_Local&tab=books&lang=en_US |
en |
dc.publisher |
Springer Verlag |
en |
dc.relation.ispartofseries |
Economic Theory |
en |
dc.rights |
Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated. Previously published items are made available in accordance with the copyright policy of the publisher. |
en |
dc.rights.uri |
https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm |
en |
dc.title |
Wealth inequality and financial development: Revisiting the symmetry breaking mechanism |
en |
dc.type |
Journal Article |
en |
dc.identifier.doi |
10.1007/s00199-016-0977-0 |
en |
pubs.issue |
4 |
en |
pubs.begin-page |
997 |
en |
pubs.volume |
63 |
en |
dc.rights.holder |
Copyright: Springer Verlag |
en |
pubs.author-url |
https://ideas.repec.org/a/spr/joecth/v63y2017i4d10.1007_s00199-016-0977-0.html |
en |
pubs.end-page |
1025 |
en |
dc.rights.accessrights |
http://purl.org/eprint/accessRights/RestrictedAccess |
en |
pubs.subtype |
Article |
en |
pubs.elements-id |
538787 |
en |
pubs.org-id |
Business and Economics |
en |
pubs.org-id |
Economics |
en |
dc.identifier.eissn |
1432-0479 |
en |
pubs.record-created-at-source-date |
2019-05-27 |
en |
pubs.online-publication-date |
2016-05-27 |
en |