Krishna B. Kumar

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This paper examines whether nancial development facilitates economic growth by scrutinizing one rationale for such a relationship; that nancial development reduces the costs of external nance to rms. Speci cally, we ask whether industrial sectors that are relatively more in need of external nance develop disproportionately faster in countries with more(More)
In this paper, we present the design, implementation techniques, and initial performance evaluation of Gamma. Gamma is a new relational database machine that exploits dataflow query processing techniques. Gamma is a fully operational prototype consisting of 20 VAX 11/750 computers. The design of Gamma is based on what we learned from building our earlier(More)
Motivated by theories of the rm, which we classify as \technological" or \organizational", we analyze the determinants of rm size across industries and across countries in a sample of 15 European countries. We nd that, on average, rms facing larger markets are larger. At the industry level, we nd rms in the utility sector are large, perhaps because they(More)
The case for increasing higher education subsidies from their already high levels is repeatedly made by politicians and policy makers. What are the effects of further increasing subsidies on inequality, welfare, and efficiency? In this paper, we develop a simple dynamic general equilibrium framework to answer these questions. Our model features(More)
European economic growth has been weak, compared to the US, since the 80s. In previous work (Krueger and Kumar (2003)), we argued that the European focus on specialized, vocational education might have been effective during the 60s and 70s, but resulted in a growth gap relative to the US during the subsequent information age, when new technologies emerged(More)
The effect of methyl parathion (MP) on developing chick embryos was investigated. The embryos were exposed at different stages of development to various doses of MP via the yolk sac route. This resulted in retarded growth which included reduced body weight and reduced body length and length of leg bones. Other teratogenic signs observed were short neck,(More)
A sizeable literature has argued that the growth effects of changes in ßat rate taxes are small. In this paper, we investigate the relatively unexplored area of the growth effect of changes in the tax structure, in particular, in the progressivity of taxes. Considering such a tax reform seems empirically more relevant than considering changes in ßat tax(More)
In this paper, we develop a model of technology adoption and economic growth in which households optimally obtain either a concept-based, “general” education or a skill-specific, “vocational” education. General education is costly to obtain, but enables workers to operate new production technologies. Firms weigh the cost of adopting and operating new(More)
European economic growth has been weak, compared to the US, since the 80s. In previous work (Krueger and Kumar, 2003), we argued that the European focus on specialized, vocational education might have been effective during the 60s and 70s, but resulted in a growth gap relative to the US during the subsequent information age, when new technologies emerged(More)
This paper presents a model of an economy in which traders use social capital to reduce transaction costs. A key assumption is that there are two types of social capital: “village” capital relies on personal networks and repeat play to guarantee contracts; “market” capital relies on third parties such as auditors and courts. Village capital is efficient for(More)