We develop a macroeconomic model with a moral hazard problem between financial intermediaries and households, which causes inefficient resource allocation, to make us reconsider the financial regulation according to financial development, and individual and aggregate economic activities in the...

We develop a macroeconomic model with a moral hazard problem between financial intermediaries and households, which causes inefficient resource allocation, to make us reconsider the financial regulation according to financial development, and individual and aggregate economic activities in the...

Sub-Saharan Africa has one of the dynamic economies in the world. Unfortunately, the performance achieve has not led to a reduction of social issues. So, the government are making massive investment to overcome social issues. This massive public investment highlights the exogenous nature of the...

Sub-Saharan Africa has one of the dynamic economies in the world. Unfortunately, the performance achieve has not led to a reduction of social issues. So, the government are making massive investment to overcome social issues. This massive public investment highlights the exogenous nature of the...

This paper studies the marginal product of private capital (MPK) with new data and a new framework to obtain a better understanding of international capital allocations and the Lucas Paradox (LP). Our point of departure is three influential studies of MPK’s and, based on the most recently...

This paper studies the marginal product of private capital (MPK) with new data and a new framework to obtain a better understanding of international capital allocations and the Lucas Paradox (LP). Our point of departure is three influential studies of MPK's and, based on the most recently...

On the African continent for a decade is observed economic growth, combined with the demographic explosion. In the XXI century countries which have been given the nickname of the Third World have a chance to offset the distance of the level of socio-economic development with the rest of the...