Credit rationing, profit accumulation and economic growth

Jean-Bernard Chatelain, Bruno Amable and Kirsten Ralf

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Abstract: 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.

Keywords: Endogenous growth; investment; credit rationing (search for similar items in EconPapers)
Date: 2004
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00112521
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Citations: View citations in EconPapers (11)

Published in Economics Letters, 2004, 117 (4), pp.301-307. ⟨10.1016/j.econlet.2004.03.034⟩

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Related works:
Journal Article: Credit rationing, profit accumulation and economic growth (2004)
Working Paper: Credit rationing, profit accumulation and economic growth (2004)
Working Paper: Credit Rationing, Profit Accumulation and Economic Growth (2002)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00112521

DOI: 10.1016/j.econlet.2004.03.034

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