Kunieda, Takuma and Shibata, Akihisa (2011): Endogenous Growth and Fluctuations in an Overlapping Generations Economy with Credit Market Imperfections. Published in: Asia-Pacific Journal of Accounting and Economics , Vol. Vol.18, No. No.3 (December 2011): pp. 333-357.
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We study the dynamic properties of growth rates in an overlapping generations economy with credit market imperfections. The analysis demonstrates that in early stages of financial development where credit constraints are severe, growth rates evolve monotonically. At the intermediate level of financial development, as the degree of credit market imperfections diminishes, growth rates exhibit endogenous fluctuations for some parameter values. However, as the financial sector matures, fluctuations disappear and the growth rates evolve once again monotonically.
|Item Type:||MPRA Paper|
|Original Title:||Endogenous Growth and Fluctuations in an Overlapping Generations Economy with Credit Market Imperfections|
|Keywords:||Credit market imperfections; Endogenous business fluctuations; Endogenous growth; Heterogeneous agents|
|Subjects:||O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O41 - One, Two, and Multisector Growth Models|
|Depositing User:||Takuma Kunieda|
|Date Deposited:||22. Jan 2012 19:42|
|Last Modified:||13. Feb 2013 00:09|
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