Endogenous growth and fluctuations in an overlapping generations economy with credit market imperfections
Research output: Journal Publications and Reviews (RGC: 21, 22, 62) › 21_Publication in refereed journal › peer-review
Author(s)
Related Research Unit(s)
Detail(s)
| Original language | English |
|---|---|
| Pages (from-to) | 333-358 |
| Journal / Publication | Asia-Pacific Journal of Accounting and Economics |
| Volume | 18 |
| Issue number | 3 |
| Publication status | Published - Dec 2011 |
Link(s)
Abstract
We study the dynamic properties of growth rates in an overlapping generation's 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.
Research Area(s)
- Credit market imperfections, Endogenous business fluctuations, Endogenous growth, Heterogeneous agents
Citation Format(s)
Endogenous growth and fluctuations in an overlapping generations economy with credit market imperfections. / Kunieda, Takuma; Shibata, Akihisa.
In: Asia-Pacific Journal of Accounting and Economics, Vol. 18, No. 3, 12.2011, p. 333-358.Research output: Journal Publications and Reviews (RGC: 21, 22, 62) › 21_Publication in refereed journal › peer-review
