Explaining Economic Growth With Imperfect Credit Markets
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Explaining Economic Growth With Imperfect Credit Markets
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Author : Luis Carranza
language : en
Publisher: International Monetary Fund
Release Date : 2000-12
Explaining Economic Growth With Imperfect Credit Markets written by Luis Carranza and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-12 with Business & Economics categories.
This paper studies how financial markets and accumulation of financial assets interact with economic growth, change of industry structure, productivity and distribution of wealth across households. To carry out this study, a dynamic general equilibrium model with imperfections in the credit market is developed.
Explaining Economic Growth With Imperfect Credit Markets
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Author :
language : en
Publisher:
Release Date :
Explaining Economic Growth With Imperfect Credit Markets written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
The International Monetary Fund (IMF) presents the full text of the December 2000 working paper entitled "Explaining Economic Growth with Imperfect Credit Markets," prepared by Luis Carranza. The text is available in PDF format. This paper explains the behavior of the growth rate. The increase in growth rates results from the reallocation of resources from low-productivity sectors to high-productivity sectors.
Banks Informal Money Lenders And Asymmetric Information
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Author : Patrick Avato
language : en
Publisher: GRIN Verlag
Release Date : 2005-06-13
Banks Informal Money Lenders And Asymmetric Information written by Patrick Avato and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-06-13 with Business & Economics categories.
Seminar paper from the year 2005 in the subject Economics - Monetary theory and policy, grade: A= 1,0, Johns Hopkins University (School of Advanced International Studies (SAIS)), course: Theories and Models of Economic Development, language: English, abstract: Credit markets in developing countries differ substantially from their counterparts in OECD countries. Apart from the obvious differences in institutional development, technology and productivity which are both measures for and causes of underdevelopment, typ ical LDC credit markets have two main characteristics. Firstly, their financial systems are very small compared those in industrial economies. Secondly, developing countries are characterized by very big informal financial sectors that coexist with formal credit institutions. Interestingly, credit contracts differ highly between these two sectors and there seems to be only very limited inter-sector competition. The following paper ventures to explain the persistence of these peculiarities in rural credit markets1 using the model of asymmetric information in credit markets developed by Stiglitz and Weiss. By applying the model specifically to LDC credit markets I show that asymmetric information is among the major reasons for the underdevelopment of rural credit markets. Building on these findings I then explain how Microfinance Institutions (MFI) have lately been able to overcome some of the problems of imperfect information and strive in markets formerly dominated by informal money lenders. The first part of this paper provides an overview of the typical characteristics of credit markets in developing countries, concentrating on the limited size of LDC credit markets and on the apparent dichotomy between formal and informal finance sectors. Then, the importance of financial systems for economic development is briefly outlined in order to explain the relevance of the topic of this essay. The main part of the paper then presents the model of asymmetric information in credit markets pioneered by Stiglitz/Weiss as a possible explanation for the causal origins of these characteristics. The last part shows how successful microfinance institutions may succeed in operating in rural credit markets by their ability to overcome problems of imperfect information.
Banks Informal Money Lenders And Asymmetric Information
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Author : Patrick Avato
language : en
Publisher: GRIN Verlag
Release Date : 2012-05
Banks Informal Money Lenders And Asymmetric Information written by Patrick Avato and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05 with Business & Economics categories.
Seminar paper from the year 2005 in the subject Economics - Monetary theory and policy, grade: A= 1,0, Johns Hopkins University (School of Advanced International Studies (SAIS)), course: Theories and Models of Economic Development, 29 entries in the bibliography, language: English, abstract: Credit markets in developing countries differ substantially from their counterparts in OECD countries. Apart from the obvious differences in institutional development, technology and productivity which are both measures for and causes of underdevelopment, typ ical LDC credit markets have two main characteristics. Firstly, their financial systems are very small compared those in industrial economies. Secondly, developing countries are characterized by very big informal financial sectors that coexist with formal credit institutions. Interestingly, credit contracts differ highly between these two sectors and there seems to be only very limited inter-sector competition. The following paper ventures to explain the persistence of these peculiarities in rural credit markets1 using the model of asymmetric information in credit markets developed by Stiglitz and Weiss. By applying the model specifically to LDC credit markets I show that asymmetric information is among the major reasons for the underdevelopment of rural credit markets. Building on these findings I then explain how Microfinance Institutions (MFI) have lately been able to overcome some of the problems of imperfect information and strive in markets formerly dominated by informal money lenders. The first part of this paper provides an overview of the typical characteristics of credit markets in developing countries, concentrating on the limited size of LDC credit markets and on the apparent dichotomy between formal and informal finance sectors. Then, the importance of financial systems for economic development is briefly outlined in order to explain the relevance of the topic of this essay. The main part of the paper then pre
Credit Markets Development And Economic Growth
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Author : Seifallah Sassi
language : en
Publisher:
Release Date : 2016
Credit Markets Development And Economic Growth written by Seifallah Sassi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
The purpose of this paper is to study jointly the effects of consumer credit market and investment credit market on economic growth. We introduce consumer credit market in Schumpeterian framework. Under credit market imperfections, our model predict a negative effect of the development of consumer credit market and a positive effect of the development of investment credit market on economic growth. We next confront the model on a panel of 27 European's countries over the period 1995-2012. Using GMM dynamic panel data estimation, empirical results confirm our theoretical predictions. Credit composition may give explanation of the ambiguous credit-growth nexus and its heterogeneity across country.
Aggregate Implications Of Credit Market Imperfections
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Author : Kiminori Matsuyama
language : en
Publisher:
Release Date : 2007
Aggregate Implications Of Credit Market Imperfections written by Kiminori Matsuyama and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Credit categories.
Credit market imperfections provide the key to understanding many important issues in business cycles, growth and development, and international economics. Recent progress in these areas, however, has left in its wake a bewildering array of individual models with seemingly conflicting results. This paper offers a road map. Using the same single model of credit market imperfections throughout, it brings together a diverse set of results within a unified framework. In so doing, it aims to draw a coherent picture so that one is able to see some close connections between these results, thereby showing how a wide range of aggregate phenomena may be attributed to the common cause. They include, among other things, endogenous investment-specific technical changes, development traps, leapfrogging, persistent recessions, recurring boom-and-bust cycles, reverse international capital flows, the rise and fall of inequality across nations, and the patterns of international trade. The framework is also used to investigate some equilibrium and distributional impacts of improving the efficiency of credit markets. One recurring finding is that the properties of equilibrium often respond non-monotonically to parameter changes, which suggests some cautions for studying aggregate implications of credit market imperfections within a narrow class or a particular family of models.
Financial Liberalization Credit Market Imperfections And Financial System Stability
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Author : Tim Niepel
language : en
Publisher: GRIN Verlag
Release Date : 2015-06-03
Financial Liberalization Credit Market Imperfections And Financial System Stability written by Tim Niepel and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-03 with Business & Economics categories.
Master's Thesis from the year 2013 in the subject Business economics - Investment and Finance, grade: 1,5, Utrecht University (Utrecht School of Economics), language: English, abstract: Financial liberalization stimulates competition and thereby supposedly increases the efficiency of investment. A simple credit market model is developed to show that such efficiency improvements may be disturbed by competition-induced incentives for banks to accept higher default rates, which result in instability of the financial system. Thereby we offer a complementary explanation to the relationship between competition and stability in financial markets. Consequently we argue that government intervention, in the form of intelligent regulation, is necessary to ensure the development of sustainable financial markets.
How An Economy Grows And Why It Crashes
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Author : Peter D. Schiff
language : en
Publisher: John Wiley & Sons
Release Date : 2010-04-29
How An Economy Grows And Why It Crashes written by Peter D. Schiff and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-29 with Business & Economics categories.
How an Economy Grows and Why it Crashes uses illustration, humor, and accessible storytelling to explain complex topics of economic growth and monetary systems. In it, economic expert and bestselling author of Crash Proof, Peter Schiff teams up with his brother Andrew to apply their signature "take no prisoners" logic to expose the glaring fallacies that have become so ingrained in our country?s economic conversation. Inspired by How an Economy Grows and Why It Doesn?t?a previously published book by the Schiffs? father Irwin, a widely published economist and activist?How an Economy Grows and Why It Crashes incorporates the spirit of the original while tackling the latest economic issues.With wit and humor, the Schiffs explain the roots of economic growth, the uses of capital, the destructive nature of consumer credit, the source of inflation, the importance of trade, savings, and risk, and many other topical principles of economics. The tales told here may appear simple of the surface, but they will leave you with a powerful understanding of How an Economy Grows and Why it Crashes.
Inequality Credit Market Imperfection Segmentation And Economic Growth
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Author : Dantao Zhu
language : en
Publisher:
Release Date : 2001
Inequality Credit Market Imperfection Segmentation And Economic Growth written by Dantao Zhu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Nber Macroeconomics Annual 2007
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Author : Daron Acemoglu
language : en
Publisher:
Release Date : 2008-03
Nber Macroeconomics Annual 2007 written by Daron Acemoglu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-03 with Macroeconomics categories.
The NBER Macroeconomics Annual provides a forum for important debates in contemporary macroeconomics and major developments in the theory of macroeconomic analysis and policy that include leading economists from a variety of fields. The papers and accompanying discussions in NBER Macroeconomics Annual 2007 address exchange-rate models; implications of credit market frictions; cyclical budgetary policy and economic growth; the impacts of shocks to government spending on consumption, real wages, and employment; dynamic macroeconomic models; and the role of cyclical entry of new firms and products on the nature of business-cycle fluctuations and on the effects of monetary policy.
