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Voracity and Growth / Aaron Tornell, Philip R. Lane.
- Format:
- Book
- Author/Creator:
- Tornell, Aaron.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w6498.
- NBER working paper series no. w6498
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1998.
- Summary:
- We analyze an economy that lacks a strong legal-political institutional infrastructure an dis populated by multiple powerful groups. Powerful groups dynamically interact via fiscal process that effectively allows open access to the aggregate capital stock. In equilibrium, this leads to slow economic growth and a voracity effect,' by which a shock, such as a terms of trade windfall, perversely generates a more than proportionate increase in fiscal redistribution and reduces growth. We also show that a dilution in the concentration of power leads to faster growth and a less procyclical response to shocks.
- Notes:
- Print version record
- April 1998.
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