The voracity effect

被引：583

作者：

Tornell, A ^{[1
]}

Lane, PR

机构：

[1] Harvard Univ, Dept Econ, Cambridge, MA 02138 USA

[2] Natl Bur Econ Res, Cambridge, MA 02138 USA

[3] Univ Dublin Trinity Coll, Dept Econ, Dublin 2, Ireland

[4] Columbia Univ, New York, NY 10027 USA

[5] Int Monetary Fund, Washington, DC 20431 USA

[6] Stanford Univ, Ctr Res Econ Dev & Policy Reform, Stanford, CA 94305 USA

来源：

AMERICAN ECONOMIC REVIEW | 1999年 / 89卷 / 01期

关键词：

D O I：

10.1257/aer.89.1.22

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We analyse an economy that lacks a strong legal-political institutional infrastructure and is populated by multiple powerful groups. Powerful groups dynamically interact via a 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.

引用

页码：22 / 46

页数：25

共 37 条

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