Circuit with Multi-period Credit

We develop a circuit model in which firms finance part of their investment using bank credit issued and reimbursed over several periods. The model has three main properties: profits originate in the overlap of investments financed by bank credit that remain to be repaid; Say's Law is not verified, even when households do not save within a period; and the rate of investment must increase and then level off over time to avoid an overproduction crisis.

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Year of publication:	2013
Authors:	Cottin-Euziol, Edouard ; Rochon, Louis-Philippe
Published in:	Review of Political Economy. - Taylor & Francis Journals, ISSN 0953-8259. - Vol. 25.2013, 3, p. 461-475
Publisher:	Taylor & Francis Journals

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010710705