Ciência-IUL
Publicações
Descrição Detalhada da Publicação
Título Revista
Revista Brasileira de Economia
Ano (publicação definitiva)
2010
Língua
Inglês
País
Brasil
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Abstract/Resumo
Recent literature on financial development and growth has highlighted the possibility of endogenous business cycles arising for particular levels of a given credit multiplier. These studies concentrate on loans directed to the productive activity and neglect the role of credit to consumption. In this paper, we consider an endogenous growth model, where a representative agent must choose how to allocate credit; basically, the agent considers a simple rule where the share of credit to consumption reacts to deviations of the consumption - wealth ratio relatively to the corresponding steady state level. The setup generates nonlinear dynamics, which are analyzed both locally and globally.
Agradecimentos/Acknowledgements
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Palavras-chave
Credit to consumption,Endogenous cycles,Endogenous growth,Financial development,Nonlinear dynamics
Classificação Fields of Science and Technology
- Economia e Gestão - Ciências Sociais