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• W2248532909 abstract "This paper develops a parsimonious theoretical model to explain the mechanics of a developing country’s catching-up behavior with endogenous institutional change. We characterize the optimal institutional adjustment scheme and how this would a¤ect the growth experience both in the transitional dynamics and the longrun steady state. Our main results include:(1)Under perfect international credit market, the number of institution adjustment is …nite and they only occur precisely when the learning barrier just becomes binding. It implies that the less developed economy keeps catching up with the developed economy continuously until no further institution adjustment is made. Permanent level di¤erence may or may not exist on the balanced growth path, depending on the last endogenous institutional change. When the credit market is imperfect, the catching-up might occur intermittently and the institution adjustment is typically slower because of the …nancial constraint, which has both transient and permanent growth and level e¤ects;(2)Both one-shot and piecemeal institution reforms could be optimal institutional adjustment schemes, depending on the initial conditions and the completeness of the credit market; (3)The size of institutional adjustment could also depend on whether the central government is politically strong enough and whether the reform is more pro-market. Key Words: Institution, Externality, Growth, Catching-up JEL Classi…cation Codes: O11,O21,O43 I am very grateful to Fernando Alvarez, Thomas Chaney, William Fuchs, Qiang Gong, Lars Peter Hansen, Jiandong Ju, Justin Yifu Lin, Yang Lu, Robert E. Lucas, Jr., Monika Piazessi, Nancy L. Stokey, Francesco Trebbi as well as many other seminar participants at University of Chicago, the East-West Center, Midwest Economic Association Conference, Peking University, and Fudan University for their helpful criticisms and comments. The usual disclaimer applies. yCorrespondence: Department of Economics, University of Chicago, Chicago, IL 60637. Phone: 773-401-0382; Email address: wangyong@uchicago.edu." @default.
• W2248532909 created "2016-06-24" @default.
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• W2248532909 date "2009-01-01" @default.
• W2248532909 modified "2023-09-27" @default.
• W2248532909 title "Institutional Barrier, Learning Externality and Catching Up" @default.
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