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Financement de la croissance avec information asymétrique et investissement aléatoire

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Listed:
  • Didier Laussel
  • Jules Nyssen
  • Antoine Soubeyran

Abstract

[eng] We construct a model of endogenous grouth under asymmetric information and financial intermediation. We show that under rational expectations and perfect foresight, the model may exhibit multiple equilibria. This result is related to an inverse relationship between the labor endowment and the growth rate that denies the usual prediction of endogenous growth literature. Furthermore, we show that the amount of collateral exacted by the banking sector is growth promoting. [fre] Financement de la croissance avec information asymétrique et investissement aléatoire. . À l'aide d'un modèle de croissance endogène avec asymétrie d'information et intermédiation financière, nous montrons qu'il peut exister une multiplicité d'équilibres avec anticipations rationnelles et prévision parfaite. Ce résultat est dû à une relation inverse entre le taux de croissance et la main-d'œuvre disponible, en contraste avec les prédictions traditionnelles de la théorie de la croissance endogène. De plus, nous montrons que le montant de collatéral prélevé par les ban­ques stimule la croissance.

Suggested Citation

  • Didier Laussel & Jules Nyssen & Antoine Soubeyran, 1995. "Financement de la croissance avec information asymétrique et investissement aléatoire," Revue Économique, Programme National Persée, vol. 46(2), pages 237-253.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1995_num_46_2_409641
    DOI: 10.3406/reco.1995.409641
    Note: DOI:10.3406/reco.1995.409641
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    References listed on IDEAS

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