We investigate the provision of public capital in an endogenous growth model with asymmetric information. In a credit market with costly screening, we show that the equilibrium contracts are characterized by the self-selection of borrowers. Through identifying an additional adverse effect of taxation on growth, we show that the optimal tax rate in our model is smaller than the output elasticity of public capital. Therefore, our analysis justifies a more conservative tax policy in the presence of asymmetric information. Furthermore, our model suggests a number of implications that appear to be well supported by preliminary evidence in cross-country data. JEL classification: D82, H21, O41Capital public, information asyme´trique, et croissance e´conomique. Ce me´moire examine la fourniture de capital public dans un mode`le de croissance endoge`ne quand l'information est asyme´trique. Dans un marche´du cre´dit ou`le tamisage est couˆteux, on montre que les contrats en e´quilibre sont conforme´s par l'auto-se´lection des emprunteurs. Par le truchement de l'identification d'un effet additionnel ne´gatif de la fiscalite´sur la croissance, on montre que le taux d'imposition optimal dans le mode`le est plus petit que l'e´lasticite´du produit par rapport au capital public. En conse´quence, l'analyse montre qu'une politique de taxation plus conservatrice est de´fendable quand il y a asyme´trie de l'information. De plus, le mode`le sugge`re un certain nombre de propositions qui semblent bien supporte´es par les re´sultats pre´liminaires d'une analyse transversale de donne´es pour plusieurs pays.We are indebted to two anonymous referees for valuable comments and suggestions that have greatly improved the paper. We also wish to thank Nan-Kuang Chen, Charles Leung, Ping Wang, and participants at the Second Biennial Conference of Hong Kong Economic Association, December 2002, for helpful feedback and comments. Of course, the usual disclaimer applies.
Cheiromyces lignicola sp. nov. is described and illustrated from a freshwater stream in Hong Kong. The species is characterized by chiroid, yellowish brown, distoseptate conidia that are composed of 3-5 arms, each terminating apically in an inflated cell. The developmental stages of the inflated apical cell are illustrated. Cheiromyces lignicola is compared with other Cheiromyces species, and other taxa that produce chiroid conidia with inflated apical cells. The taxonomic disposition of C. cubensis and C. wrightii in Cheiromyces is also discussed. Keys to species of Cheiromyces and to 26 anamorphic genera that produce chiroid conidia are provided.
Cheiromyces lignicola sp. nov. is described and illustrated from a freshwater stream in Hong Kong. The species is characterized by chiroid, yellowish brown, distoseptate conidia that are composed of 3-5 arms, each terminating apically in an inflated cell. The developmental stages of the inflated apical cell are illustrated. Cheiromyces lignicola is compared with other Cheiromyces species, and other taxa that produce chiroid conidia with inflated apical cells. The taxonomic disposition of C. cubensis and C. wrightii in Cheiromyces is also discussed. Keys to species of Cheiromyces and to 26 anamorphic genera that produce chiroid conidia are provided.
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