El racionamiento del crédito y las crisis financieras
The idea that credit is important has gained importance in the contemporary macroeconomic theory. However, almost all the models that explicitly include financial variables in their explanation of economic behaviour continue to differentiate between the monetary and the real economy in the long run. This paper proposes a relationship between credit restrictions and financial crisis based on postkeynesian theory. In this context, credit rationalization appears as a natural phenomenon in modern capitalist economies, and not as a result of the bankers’ voluntary action will or their imperfect information due to the confidentiality of investors’ knowledge. Financial crisis are endogenous, but they can be prevented by the correct behaviour of the economic institutions.
Volume (Year): 4 (2002)
Issue (Month): 7 (July-December)
|Contact details of provider:|| Postal: Cra. 1 No. 12-68 Casa de las Mandolinas|
Phone: (571) 2826066 Ext. 1307
Fax: (571) 2826066 Ext. 1304
Web page: http://www.economiainstitucional.com
More information through EDIRC
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.:
- Davidson, Paul, 1988. "A Technical Definition of Uncertainty and the Long-run Non-neutrality of Money," Cambridge Journal of Economics, Oxford University Press, vol. 12(3), pages 329-37, September.
- Charles W. Calomiris & R. Glenn Hubbard, 1988.
"Firm Heterogeneity, Internal Finance, and `Credit Rationing',"
NBER Working Papers
2497, National Bureau of Economic Research, Inc.
- Calomiris, Charles W & Hubbard, R Glenn, 1990. "Firm Heterogeneity, Internal Finance, and 'Credit Rationing.'," Economic Journal, Royal Economic Society, vol. 100(399), pages 90-104, March.
- Ndikumana, Leonce, 2005.
"Financial development, financial structure, and domestic investment: International evidence,"
Journal of International Money and Finance,
Elsevier, vol. 24(4), pages 651-673, June.
- Léonce Ndikumana, 2003. "Financial Development, Financial Structure and Domestic Investment: International Evidence," Working Papers wp16, Political Economy Research Institute, University of Massachusetts at Amherst.
- Léonce Ndikumana, 2003. "Financial Development, Financial Structure, and Domestic Investment: International Evidence," UMASS Amherst Economics Working Papers 2003-01, University of Massachusetts Amherst, Department of Economics.
- Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
- Ben Bernanke & Mark Gertler, 1987.
"Financial Fragility and Economic Performance,"
NBER Working Papers
2318, National Bureau of Economic Research, Inc.
- Robert Clower, 1999. "Post-Keynes Monetary and Financial Theory," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 21(3), pages 399-414, April.
- Lucas, Robert E., 1988. "Money demand in the United States: A quantitative review," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 29(1), pages 137-167, January.
- Steven M. Fazzari & Bruce C. Petersen, 1993. "Working Capital and Fixed Investment: New Evidence on Financing Constraints," RAND Journal of Economics, The RAND Corporation, vol. 24(3), pages 328-342, Autumn.
- Philip Arestis, 2002. "Financial crisis in Southeast Asia: dispelling illusion the Minskyan way," Cambridge Journal of Economics, Oxford University Press, vol. 26(2), pages 237-260, March.
- Steven M. Fazzari & R. Glenn Hubbard & BRUCE C. PETERSEN, 1988.
"Financing Constraints and Corporate Investment,"
Brookings Papers on Economic Activity,
Economic Studies Program, The Brookings Institution, vol. 19(1), pages 141-206.
- Basil J. Moore, 1983. "Unpacking the Post Keynesian Black Box: Bank Lending and the Money Supply," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 5(4), pages 537-556, July.
- Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
- Hyman P. Minsky, 1992. "The Financial Instability Hypothesis," Economics Working Paper Archive wp_74, Levy Economics Institute.
- Nidia R. Reyes & José Eduardo Gómez, 2000. "Política monetaria, inflación y crecimiento económico," REVISTA CUADERNOS DE ECONOMÍA, UN - RCE - CID, June.
- King, Robert G., 1988. "Money demand in the United States: A quantitative review," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 29(1), pages 169-172, January.
When requesting a correction, please mention this item's handle: RePEc:rei:ecoins:v:4:y:2002:i:7:p:62-75. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Paola Rodríguez)
If references are entirely missing, you can add them using this form.