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Author: Mr.Jose De Gregorio Publisher: International Monetary Fund ISBN: 1451959087 Category : Business & Economics Languages : en Pages : 22
Book Description
This paper studies the effects that the inability of individuals to borrow against future income has on economic growth. The model assumes that human capital, which is accumulated through education, is the only factor of production. It is shown that liquidity constraints reduce growth. Further, in the presence of externalities that may induce two equilibria, it is shown that liquidity constraints not only reduce the rate of growth in the high-growth equilibrium, but can also make the low-growth equilibrium more likely to occur.
Author: Mr.Jose De Gregorio Publisher: International Monetary Fund ISBN: 1451959087 Category : Business & Economics Languages : en Pages : 22
Book Description
This paper studies the effects that the inability of individuals to borrow against future income has on economic growth. The model assumes that human capital, which is accumulated through education, is the only factor of production. It is shown that liquidity constraints reduce growth. Further, in the presence of externalities that may induce two equilibria, it is shown that liquidity constraints not only reduce the rate of growth in the high-growth equilibrium, but can also make the low-growth equilibrium more likely to occur.
Author: Mr.Se-Jik Kim Publisher: International Monetary Fund ISBN: 1451972962 Category : Business & Economics Languages : en Pages : 36
Book Description
This paper addresses the growth, welfare, and distributional effects of credit markets. We construct a general equilibrium model where human capital is the engine of growth and individuals differ in their education abilities. We argue that the existence of credit markets encourages specialization, by which individuals choose during their youth to work or to receive formal education. This specialization unambiguously increases growth and welfare. The model also shows that in economies with high (low) average level of education abilities, the opening of credit markets induces a more disperse (equal) income distribution.
Author: Takuma Kunieda Publisher: ISBN: Category : Languages : en Pages : 42
Book Description
We study the dynamic properties of growth rates in an overlapping generations economy with credit market imperfections, constructing a Schumpeterian growth model. The analysis demonstrates that: (i) two steady-state equilibria arise as is usual in overlapping generations models with outside money and the growth rate of each increases as credit market imperfections are resolved; (ii) if credit market imperfections are severe or soft and if sunspots do not appear, the economy converges monotonically to a stable steady state; and (iii) if credit market imperfections are moderate, deterministic cycles or chaos would arise in equilibrium.
Author: Luis Carranza Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 34
Book Description
This paper studies how financial markets and accumulation of financial assets interact with economic growth, change of industry structure, productivity and distribution of wealth across households. To carry out this study, a dynamic general equilibrium model with imperfections in the credit market is developed.
Author: Kenneth Kletzer Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 34
Book Description
In this paper we explore some of the informational problems that constrain the development of credit markets in transition economies. We characterize investment patterns under uncertainty and high costs of entry, when agents learn about the ultimate value of enterprises through production in a Bayesian way. Inefficiencies due to the lack of public information reduce the average return to capital. Under asymmetric information, credit would go to activities that can provide enough co-finance. Credit markets may fail to develop for a while if there is not enough individual wealth to complement credit. Once they operate, credit markets may magnify distortions in equity markets, such as those due to spontaneous privatization. An argument for the sequencing of capital market liberalization is provided.
Author: Francesco Manaresi Publisher: International Monetary Fund ISBN: 1498315917 Category : Business & Economics Languages : en Pages : 75
Book Description
We study the impact of bank credit on firm productivity. We exploit a matched firm-bank database covering all the credit relationships of Italian corporations, together with a natural experiment, to measure idiosyncratic supply-side shocks to credit availability and to estimate a production model augmented with financial frictions. We find that a contraction in credit supply causes a reduction of firm TFP growth and also harms IT-adoption, innovation, exporting, and adoption of superior management practices, while a credit expansion has limited impact. Quantitatively, the credit contraction between 2007 and 2009 accounts for about a quarter of observed the decline in TFP.
Author: Niels Hermes Publisher: Routledge ISBN: 1135635447 Category : Business & Economics Languages : en Pages : 381
Book Description
This collection brings together a collection of theoretical and empirical findings on aspects of financial development and economic growth in developing countries. The book is divided into two parts: the first identifies and analyses the major theoretical issues using examples from developing countries to illustrate how these work in practice; the second part looks at the implications for financial policy in developing countries.
Author: Mr.Jose De Gregorio
Author: Mr.Jose De Gregorio
Author: Fondo Monetario Internacional
Author: Mr.Se-Jik Kim
Author: Takuma Kunieda
Author: Luis Carranza
Author: Kenneth Kletzer
Author: 
Author: Francesco Manaresi
Author: 
Author: Niels Hermes