In development economics, growth in credit is generally associated with faster long run growth as financial intermediation improves the efficiency of channelling capital to productive investment. Yet, among developing countries high growth in credit almost always guarantees the outbreak of a...

To what extent are new and/or innovative firms fundamentally different from established firms, and therefore require a different form of financing? The theoretical background for this proposition is presented, and the empirical evidence on its importance is reviewed. Owing to the intangible...

This paper deals with the total CO2 impact of households in a simple dynamic E3 model (economy/energy/environment), comprising a model block of private consumption and an input-output model. The consumption model describes the demand for different durables and nondurables, derived from...

We develop a canonical framework to think about credit market frictions and aggregate economic activity in the context of the current crisis. We use the framework to address two issues in particular: first, how disruptions in financial intermediation can induce a crisis that affects real...

The African cash crop sector has witnessed widespread liberalisation reforms aimed at strengthening price incentives to farmers. However, some areas are confronted with a decline in input use. We have recourse to a two-stage Cournot game to account for the issue. In a context of credit rationing...