A growing body of research is focusing on banking organizational issues, emphasizing the difficulties encountered by hierarchically organized banks in lending to informationally opaque borrowers. While the two extreme cases of hierarchical and non{hierarchical organizations are typically...

A growing body of research focuses on banking organizational issues, emphasizing the culties encountered by hierarchically organized banks in lending to borrowers/projects with high intensity of soft information. However, as the two extreme cases of hierarchical and non-hierarchical...

We analyze the effect of human capital obsolescence due to the introduction of technological innovations on the long-run growth rate, and show that in equilibrium the pace of technical change may be faster than is socially optimal. In such cases, the existence of market imperfections, and their...