Central Bank of Chile paper identifies growth benefits from contracting institutions

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As the economy approaches a steady state, the effect of contracting institutions on GDP per capita increases, according to a Central Bank of Chile paper published on Thursday.

Álvaro Aguirre, the paper's author, uses a growth model with endogenous incomplete markets and financial frictions to study the effects of contracting institutions on economic development. Aguirre distinguishes between contracting institutions – institutions that enable private contracts between citizens – and property

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