Contraintes de liquidité et capital humain dans une petite économie ouverte

In an overlapping-generations model that represents a small open economy, where agents live two periods, liquidity constraints lead to low economic development when the only accumulable factor is human capital. In the context of multiple equilibria, an underdevelopment trap can result in which the growth rate of the economy and the level of education are low. A financial liberalization policy may lead to improvements in such a situation.