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The purpose of this paper is to study jointly the effects of consumer credit market and investment credit market on economic growth. We introduce consumer credit market in Schumpeterian framework. Under credit market imperfections, our model predict a negative effect of the development of...
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Betrachtet man die mediale Präsenz und wirtschaftspolitische Diskussion über die Finanzkrise, gewinnt man den Eindruck … endogenes Wachstumsmodell wird die Interaktion von Finanzsystem und Wirtschaftswachstum analysiert. Auch wenn der Modellanalyse … Variablen auf das Wirtschaftswachstum einwirken. Mit Daten über den Entwicklungsstand des Finanzsystems sowie des Bankensektors …
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This paper explores the theoretical channels by which financial crises might have an impact on long-run growth. By exploiting occasionally binding financial constraints, we produce a model that generates endogenous crisis episodes featuring permanent falls in productivity, without generating...
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We analyze the ups and downs in economic growth in recent decades by constructing a model with recurrent bubbles, crashes, and endogenous growth. Once realized, bubbles crowd in investment and stimulate economic growth, but expectation about future bubbles crowds out investment and reduces...
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