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Credit Markets and Stagnation in an Endogenous Growth Model

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Author Info

  • Jose De Gregorio

Abstract

This paper studies the effects that the inability of individuals to borrow against future income has on economic growth. The model assumes that human capital, which is accumulated through education, is the only factor of production. It is shown that liquidity constraints reduce growth. Further, in the presence of externalities that may induce two equilibria, it is shown that liquidity constraints not only reduce the rate of growth in the high-growth equilibrium, but can also make the low-growth equilibrium more likely to occur.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 93/72.

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Length: 22
Date of creation: 01 Sep 1993
Date of revision:
Handle: RePEc:imf:imfwpa:93/72

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Cited by:
  1. Prof. Dr. Robert Holzmann, 1994. "Funded and Private Pensions for Eastern European Countries in Transition?," Public Economics 9405004, EconWPA.
  2. Abu N. M. Wahid & Muhammad Shahbaz & Pervaz Azim, 2011. "Inflation and Financial Sector Correlation: The Case of Bangladesh," International Journal of Economics and Financial Issues, Econjournals, vol. 1(4), pages 145-152.

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