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Credit Rationing, Profit Accumulation and Economic Growth

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Author Info
Amable, Bruno (The American University of Paris)
Jean-Bernard Chatelain
Kirsten RALF

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Abstract

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 and interest rate is then negative without requiring convex adjustment costs on investment.

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File URL: http://repec.org/res2002/Amable.pdf
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Publisher Info
Paper provided by Royal Economic Society in its series Royal Economic Society Annual Conference 2002 with number 5.

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Date of creation: 29 Aug 2002
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Handle: RePEc:ecj:ac2002:5

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Web page: http://www.res.org.uk/society/annualconf.asp
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  1. Gomes, Orlando, 2007. "Deterministic randomness in a model of finance and growth," MPRA Paper 2888, University Library of Munich, Germany. [Downloadable!]
  2. Gomes, Orlando, 2007. "Nonlinear dynamics in a model of financial development with a risk premium," MPRA Paper 2887, University Library of Munich, Germany. [Downloadable!]
  3. Jean-Bernard Chatelain, 2003. "Structural Modelling of FinancialConstraints on Investment: Where Do WeStand?," Post-Print halshs-00112522_v1, HAL. [Downloadable!]
  4. Gomes, Orlando, 2007. "On the allocation of credit and aggregate fluctuations," MPRA Paper 2889, University Library of Munich, Germany. [Downloadable!]
  5. Jean-Bernard Chatelain, 2002. "Structural modelling of investment and financial constraints: Where do we stand?," Research series 200205-9, National Bank of Belgium. [Downloadable!]
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This page was last updated on 2009-10-29.

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