Finance, Technology and Inequality in Economic Development

This paper presents an overlapping generations model with technology choice and credit market imperfections, in order to investigate a possible source of underdevelopment. The model shows that a better financial infrastructure that provides stronger enforcement of contracts facilitates the development of financial markets, which, in turn, enables firms to switch to more productive and capital-intensive technologies, thereby promoting economic development. In the presence of credit rationing, however, this technological switch widens inequality. Therefore, risk-averse agents would not be willing to improve the financial infrastructure to the level at which the technological switch occurs, resulting in a development trap. A remedy is to facilitate small firmsf adoption of the currently used technology rather than the new one.Enforcement; Technological Switch; Income Distribution; Credit Rationing; Development Trap; Institutions.

Finance, Technology and Inequality in Economic Development

This paper presents an overlapping generations model with technology choice and credit market imperfections, in order to investigate a possible source of underdevelopment. The model shows that a better financial infrastructure that provides stronger enforcement of contracts facilitates the development of financial markets, which, in turn, enables firms to switch to more productive and capital-intensive technologies, thereby promoting economic development. In the presence of credit rationing, however, this technological switch widens inequality. Therefore, risk-averse agents would not be willing to improve the financial infrastructure to the level at which the technological switch occurs, resulting in a development trap. A remedy is to facilitate small firms' adoption of the currently used technology rather than the new one.Enforcement; Technological Switch; Income Distribution; Credit Rationing; Institutions.

A Study on the School Leadership Program for Developing Collaborative Leader : Through a case of The Prospective Principals’ Program at Stanford University

The purpose of this paper is to elucidate school leader education for collaborative school leader by examining the assumptions of Prospective Principal’s Program at Stanford University. It is thought that the point at issue in school leader education in Japan is which is more important, theory or practice. However, the point at issue should rather be what type of school leaders we have to prepare, heroic or collaborative. This paper will focus on Prospective Principal’s Program because this program prepares collaborative school leader and because in designing this program, E. Bridges examined the school leader’s work and the knowledge base of school leader. The Prospective Principals Program offers the Master of Arts degree with a specialization in Administration and Policy Analysis. By comparing Prospective Principal’s program with the former one, I will show the three assumptions of designing of this program. Finally, using the results of analysis of Prospective Principal’s program at Stanford University, I will examine some prospects and issues for school leader education in Japan

Crystal Growth of Bi2_{2}Sr2_{2}CaCu2_{2}O8+δ_{8+{\delta}} Whiskers from Pulverized Amorphous Precursors

High-transition temperature superconducting whiskers of Bi$_{2}$Sr$_{2}$CaCu$_{2}$O$_{8+{\delta}}$ were successfully grown from pulverized amorphous precursors. The obtained whiskers revealed a typical composition and diffraction patterns of a superconducting Bi-2212 phase. The whiskers from tiny precursors exhibit a spiral feature, suggesting a contribution from the growth mechanism of both vapor-liquid-solid and compressive stress models. The proposed method provides longer whiskers against the growth period, compared with that from conventional root-growth method