testing external solvency and examining intertemporal borrowing constraints of the three most-affected countries: Thailand …

rationality constraint. In a model where education is the engine of growth, we show that endogenous borrowing constraints imply … hump-shaped. Maximum growth can arise in an equilibrium with binding borrowing constraints, specially if the elasticity if …

rationality constraint. In a model where education is the engine of growth, we show that endogenous borrowing constraints imply … hump-shaped. Maximum growth can arise in an equilibrium with binding borrowing constraints, specially if the elasticity of …

explains the declining trend of the MPC with a standard representative consumer model where borrowing constraints become more … by credit card borrowing or consumer loans. As a result, consumers under relaxed borrowing constraints have lower MPCs …

Markets and the Macroeconomy) Keywords: wealth-dependent borrowing constraints, heterogeneity of projects, aggregate demand … borrowing constraints introduce instability into the dynamics, which causes recurrent fluctuations even in the absence of any … general equilibrium effect. Some profitable investments, which are subject to the borrowing constraints, do not help to …