Asset Bubbles, Credit Market Imperfections, and Technology Choice
This paper introduces a bubbly asset into the Matsuyama (2007) model with credit market imperfections and multiple technologies and shows that there can exist multiple bubbly steady states and bubbles may cause underdevelopment traps by preventing the adoption of high productivity technology.
|Date of creation:||Dec 2011|
|Date of revision:|
|Contact details of provider:|| Postal: Yoshida-Honmachi, Sakyo-ku, Kyoto 606-8501|
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- Jean Tirole & Emmanuel Farhi, 2011.
2011 Meeting Papers
1081, Society for Economic Dynamics.
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- Hirano, Tomohiro & Inaba, Masaru, 2010. "Asset Price Bubbles in the Kiyotaki-Moore Model," MPRA Paper 36632, University Library of Munich, Germany.
- Kunieda, Takuma, 2008. "Asset bubbles and borrowing constraints," Journal of Mathematical Economics, Elsevier, vol. 44(2), pages 112-131, January.
- Gokan, Yoichi, 2011. "Poverty traps, the money growth rule, and the stage of financial development," Journal of Economic Dynamics and Control, Elsevier, vol. 35(8), pages 1273-1287, August.
- Kiminori Matsuyama, 2007. "Credit Traps and Credit Cycles," American Economic Review, American Economic Association, vol. 97(1), pages 503-516, March.
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