innovative firms facing random investment opportunities in research and development (R&D) and determine the growth of their … innovations, using a version of the Kiyotaki and Moore [1997] model of credit cycles. Results are: patents as collateral leverage … and firms savings determines a leveraged growth of innovations which increasing when legal reforms reduce the imperfection …

innovative firms facing random investment opportunities in research and development (R&D) and determine the growth of their … innovations, using a version of the Kiyotaki and Moore [1997] model of credit cycles. Results are: patents as collateral leverage … and firms savings determines a leveraged growth of innovations which increasing when legal reforms reduce the imperfection …

real per output growth, excess credit, foreign direct investment (FDI) and the current account balance, in the Central and … rate volatility is associated with higher growth, higher stocks of FDI, higher current account deficits, and higher excess … credit. The results are economically and statistically significant, and robust. …

institutions, and the size of the credit market; and (iii) uncorrelated with the aid received by countries, the ratio of trade …

The 2007/08 financial crisis results in two major problems that issue difficult challenges for the economic theory and …

financial crisis of 2007 and termed it as the Minsky moment. His financial instability hypothesis (FIH) rejected the mainstream …

This paper studies how credit rationing affects endogenous growth when capital and debt are related to the firm …´s internal net worth, taken as collateral. The accumulation of firm´s net worth determines the growth rate of capital and the … growth rate of the economy. The relation between growth and interest rate is then negative without requiring convex …

The question of leasing credit as a substitute or complement of a banking loan has still not been resolved in the … characteristics of firms using leasing credit and on the other hand, to better understand the relationship between leasing and credit … credit rationing and the use of leasing. In this framework the latter appears to be a last resort financing. …