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Technological dualism,incomplete financial markets and economic development |
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| Authors: | Gilles Saint-Paul |
| Affiliation: | DELTA (Joint Research Unit CNRS-ENS-EHESS) , CERAS and CEPR, Paris, France |
| Abstract: | A model is built in which, the more incomplete financial markets are, the more technological dualism is prevalent in the economy. The model is extended to show that, through dualism and technological choice, incomplete financial markets can have a negative impact on long-run growth. |
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