Endogenous fluctuations in a three-period OLG model with credit market imperfection

This paper studies the effects of credit market imperfection on economic growth by focusing on intergenerational transactions in an overlapping generations model. We show that credit cycles of the wage growth factor emerge in moderately developed economies. We also show that there is a nonlinear relation between economic stability and a degree of credit market imperfection.

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Year of publication:	2013-03-18
Authors:	Tanaka, Mariko
Published in:	Economics Bulletin. - AccessEcon, ISSN 1545-2921. - Vol. 33.2013, 1, p. 772-782
Publisher:	AccessEcon
Subject:	intergenerational transactions \| credit market imperfection \| endogenous fluctuations

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Extent:	application/pdf
Type of publication:	Article
Classification:	E2 - Consumption, Saving, Production, Employment, and Investment ; E3 - Prices, Business Fluctuations, and Cycles
Source:	RePEc - Research Papers in Economics

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