In this paper, informational frictions lead to a rationing on the external finance of the firm in proportion to its internal net worth. The authors study the endogenously generated growth of an economy with heterogeneous firms facing a credit constraint. The productivity of individual firms is...

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...

This paper surveys the theoretical and empirical relationship between economic growth and financial systems. Firstly, the existence of financial systems has a positive effect on growth because it increases the insurance against the illiquidity of real investment, the diversification of...

Dans cet article, les infrastructures financières augmentent l'efficacité du secteur bancaire: elles diminuent le pouvoir de marché des intermédiaires financiers (provenant de coûts de transactions et d'une différentiation spatiale horizontale), elles diminuent le coût du capital,...

[eng] This paper presents a model of endogenous growth with an imperfectly com­petitive financial intermediation sector. A concentrated banking sector implies a higher level of intermediation margin, which exerts a depressive influence on savings and investment. This prediction alone would...

[eng] Financial systems and growth : the effects of 'short-termism. . This article compares two types of financial systems in the framework of an innovation-based endogenous growth model. In one case, the financial system is represented by a very large numer of small lenders. In another case,...