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The facts indicate that real wage rates tend to be homogenous within the First World, but they exhibit significant differences between the First World and the Third World. The standard neoclassical trade model predicts real wage equalization across countries. This prediction is consistent with the first fact, but is refuted by the second. On the other hand, the standard Ricardian model does not predict real wage equalization, so in principle these facts do not refute the model; however, it is unable to explain the wages-profits distribution. This paper proposes a generalized Ricardian trade model, which solves this theoretical difficulty. The generalized model is able to explain both facts about real wages and international trade. On epistemological grounds, the Ricardian theory proves to be superior to the neoclassical theory. [ABSTRACT FROM AUTHOR]

Los estudios económicos permiten identificar tres regularidades empíricas: los mercados de crédito bancario exigen garantías, funcionan con exceso de demanda y coexisten con otras formas de crédito. En los países en desarrollo, la estructura financiera la integran los sectores bancario, formal no bancario e informal. Aquí se presenta un modelo teórico que explica las tres regularidades en conjunto. Según este, la desigualdad del ingreso en la sociedad es el principal factor explicativo de esta estructura financiera dual-dual. El modelo predice la segmentación del mercado: el segmento de ingresos altos y los bancos conforman un mercado, el de ingresos medios y las entidades formales no bancarias constituyen otro y el segmento de ingresos bajos, junto con los pequeños prestamistas, integran el sector informal. Asimismo, el crédito es más oneroso en los dos últimos. Mientras la desigualdad del ingreso se mantenga elevada esta estructura financiera seguirá vigente. También se abordan las consecuencias del modelo en las políticas públicas. [ABSTRACT FROM AUTHOR]

The present growth process of Peru is characterized by a relatively low rate of labour absorption in the modern firms (together with growing urbanization and urban under-employment). This fact, which is common in underdeveloped countries, has been usually attributed to factor market imperfections and for imported technology. This study attempts to estimate empirically the hypothesis that the rate of industrial employment may also be influenced by the demand structure which is associated with the existing income distribution profile in Peru. The result is that income transfers from the rich to the poor would increase industrial employment. This `redistribution effect' is not remarkably high, however. For example, a 3 per cent increase in industrial employment would require a selective redistribution of 6 per cent of Peru's national income. [ABSTRACT FROM AUTHOR]