Credit rationing, profit accumulation and economic growth

This paper studies how credit rationing affects endogenous growth when capital and debt are related to the firm´s internal net worth, taken as collateral. The accumulation of firm´s net worth determines the growth rate of capital and the growth rate of the economy. The relation between growth and interest rate is then negative without requiring convex adjustment costs on investment.

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Year of publication:	2004
Authors:	Chatelain, Jean-Bernard ; Amable, Bruno ; Ralf, Kirsten
Institutions:	HAL
Subject:	Endogenous growth \| investment \| credit rationing

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Extent:	application/pdf
Series:	Post-Print.
Type of publication:	Book / Working Paper
Notes:	View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00112521 Published, Economics Letters, 2004, 117, 4, 301-307
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010750394