Credit Constraints and Growth in a Global Economy - HAL-SHS - Sciences de l'Homme et de la Société Accéder directement au contenu
Pré-Publication, Document De Travail Année : 2012

Credit Constraints and Growth in a Global Economy

Résumé

In a period of rapid integration and accelerated growth in emerging markets, three striking trends have been (1) a divergence in the private saving rates of emerging markets and advanced economies, (2) large net capital outflows from emerging markets, and (3) a sustained decline in the world interest rate. This paper shows that in a multi-period OLG model, the interaction between growth and household credit constraints --- more severe in emerging markets --- is able to account for all of the above facts. We provide micro-level evidence that corroborates our mechanism: saving behaviors across age groups in the U.S. and China are broadly supportive of the predictions of the model.
Fichier principal
Vignette du fichier
cepr-dp91091.pdf (583.36 Ko) Télécharger le fichier
Origine : Fichiers éditeurs autorisés sur une archive ouverte

Dates et versions

hal-03473915 , version 1 (10-12-2021)

Identifiants

Citer

Nicolas Coeurdacier, Stéphane Guibaud, Keyu Jin. Credit Constraints and Growth in a Global Economy. 2012. ⟨hal-03473915⟩
22 Consultations
14 Téléchargements

Partager

Gmail Facebook X LinkedIn More