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Rebalancing China's Economy : What Does Growth Theory Tell Us?
Aziz, Jahangir - 2006
and investment high. It finds that the low cost of capital has been quantitatively an important factor. Theory predicts … China is to rebalance growth towards relying more on consumption and less on exports and investment, banking sector reforms …
Persistent link: https://www.econbiz.de/10014400153
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Evolution of the Relative Price of Goods and Services in a Neoclassical Model of Capital Accumulation
Klyuev, Vladimir - 2004
This paper provides an explanation for the secular increase in the price of services relative to that of manufactured goods that relies on capital accumulation rather than on an exogenous total factor productivity growth differential. The key assumptions of the two-sector, intertemporal...
Persistent link: https://www.econbiz.de/10014404038
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Business cycles in emerging markets : the role of durable goods and financial frictions
Alvarez, Fernando; Brandao Marques, Luis; Toledo, Manuel - 2011
Persistent link: https://www.econbiz.de/10009424779
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Incomplete financial markets and the booming housing sector in China
Bayoumi, Tamim A.; Zhao, Yunhui - 2020
Housing is by far the most important asset in Chinese households' balance sheets. However, despite forceful and frequent government interventions, the rise in Chinese housing prices has not been contained as much as intended, a trend that has not been reversed by the COVID-19 shock. In this...
Persistent link: https://www.econbiz.de/10012485938
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Inefficient fire-sales in decentralized asset markets
Ebrahimy, Ehsan - 2019
It is challenging to explain the collapse in the price of subprime mortgage-backed securities (MBS) during the Financial Crisis of 2008, using the existing models of fire-sale. I present a model to demonstrate that fire-sales may happen even when there is a relatively sizable pool of natural...
Persistent link: https://www.econbiz.de/10012021779
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Credit Markets with Differences in Abilities : Education, Distribution, and Growth
De Gregorio, Jose - 1994
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...
Persistent link: https://www.econbiz.de/10014396004
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Firm Investment, Corporate Finance, and Taxation
Palomba, Geremia - 2002
This paper examines the intertemporal effect of corporate income taxation on the investment behavior of a firm that … the corporate profit tax rate initially reduces investment, but the effect is reversed over time as the firm adjusts its …
Persistent link: https://www.econbiz.de/10014399717
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Growth and Capital Flows with Risky Entrepreneurship
Sandri, Damiano - 2010
This paper shows that the behavior of entrepreneurs facing incomplete financial markets and risky investment can … open up entrepreneurs increase saving to finance the investment that produces growth. The key insight is that saving has to … rise more than investment to allow also for the accumulation of precautionary assets. Plausibly calibrated simulations show …
Persistent link: https://www.econbiz.de/10014404314
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Savings, Growth and Capital Markets Imperfections : The Case of Borrowing Constraints
De Gregorio, Jose - 1993
savings, investment, human capital accumulation and growth performance for industrialized countries is presented. A simple …
Persistent link: https://www.econbiz.de/10014398466
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Contagion and Volatility with Imperfect Credit Markets
Aizenman, Joshua - 1997
This paper interprets contagion effects as an increase in the volatility of aggregate shocks impinging on the domestic economy. The implications of this approach are analyzed in a model with two types of credit market imperfections: domestic banks borrow at a premium on world capital markets,...
Persistent link: https://www.econbiz.de/10014401716