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-tradeable being an input to the production of the tradeable. We also assume that firms face credit constraints, with the constaint …
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The recent East Asian crisis has highlighted the relationship between financial development and output volatility. In … volatility only occurs at intermediate levels of financial development; second, that whilst full financial liberalization …, including an unrestricted opening to foreign lending, can destabilize an emerging market economy, in contrast output volatility …
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-specific factor. We also assume that firms face credit constraints, with the constraint being tighter at a lower level of financial …
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-specific factor. We also assume that firms face credit constraints, with the constraint being tighter at a lower level of financial …
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