Credit rationing, profit accumulation and economic growth
AbstractThis 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00112521.
Date of creation: 2004
Date of revision:
Publication status: Published, Economics Letters, 2004, 117, 4, 301-307
Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00112521
Contact details of provider:
Web page: http://hal.archives-ouvertes.fr/
Endogenous growth; investment; credit rationing;
Other versions of this item:
- Amable, Bruno & Chatelain, Jean-Bernard & Ralf, Kirsten, 2004. "Credit rationing, profit accumulation and economic growth," Economics Letters, Elsevier, vol. 85(3), pages 301-307, December.
- Amable, Bruno & Jean-Bernard Chatelain & Kirsten RALF, 2002. "Credit Rationing, Profit Accumulation and Economic Growth," Royal Economic Society Annual Conference 2002 5, Royal Economic Society.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- John Moore & Nobuhiro Kiyotaki, .
1995-5, Edinburgh School of Economics, University of Edinburgh.
- Barro, Robert J & Sala-i-Martin, Xavier, 1992.
"Public Finance in Models of Economic Growth,"
Review of Economic Studies,
Wiley Blackwell, vol. 59(4), pages 645-61, October.
- Sala-I-Martin, X. & Barro, R.J., 1991. "Public Finance in Models of Economic Growth," Papers 640, Yale - Economic Growth Center.
- Barro, Robert J. & Sala-i-Martin, Xavier, 1992. "Public Finance in Models of Economic Growth," CEPR Discussion Papers 630, C.E.P.R. Discussion Papers.
- Robert J. Barro & Xavier Sala-i-Martin, 1990. "Public Finance in Models of Economic Growth," NBER Working Papers 3362, National Bureau of Economic Research, Inc.
- Paul M Romer, 1999.
"Increasing Returns and Long-Run Growth,"
Levine's Working Paper Archive
2232, David K. Levine.
- Amable, Bruno & Chatelain, Jean-Bernard & Ralf, Kirsten, 2010.
"Patents as collateral,"
Journal of Economic Dynamics and Control,
Elsevier, vol. 34(6), pages 1092-1104, June.
- Gomes, Orlando, 2007.
"On the allocation of credit and aggregate fluctuations,"
2889, University Library of Munich, Germany.
- Orlando Gomes, 2010. "On the Allocation of Credit and Aggregate Fluctuations," Revista Brasileira de Economia, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 64(4), pages 393-404, December.
- Jean-Bernard Chatelain, 2010.
"The Profit-Investment-Unemployment nexus and Capacity Utilization in a Stock-Flow Consistent Model,"
UniversitÃ© Paris1 PanthÃ©on-Sorbonne (Post-Print and Working Papers)
- Jean-Bernard Chatelain, 2010. "The Profit-Investment-Unemployment Nexus And Capacity Utilization In A Stock-Flow Consistent Model," Metroeconomica, Wiley Blackwell, vol. 61(3), pages 454-472, 07.
- Gomes, Orlando, 2007.
"Deterministic randomness in a model of finance and growth,"
2888, University Library of Munich, Germany.
- Orlando Gomes, 2010. "Deterministic randomness in a model of finance and growth," Journal of Evolutionary Economics, Springer, vol. 20(1), pages 95-114, January.
- Gomes, Orlando, 2007. "Nonlinear dynamics in a model of financial development with a risk premium," MPRA Paper 2887, University Library of Munich, Germany.
- Jean-Bernard Chatelain, 2003. "Structural Modelling of Financial Constraints on Investment: Where Do We Stand?," UniversitÃ© Paris1 PanthÃ©on-Sorbonne (Post-Print and Working Papers) halshs-00112522, HAL.
- Gomes, Orlando, 2007. "Constraints on credit, consumer behaviour and the dynamics of wealth," MPRA Paper 2886, University Library of Munich, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD).
If references are entirely missing, you can add them using this form.