Credit Rationing, Profit Accumulation and Economic Growth

Bruno Amable, Jean-Bernard Chatelain () and Kirsten Ralf

No 5, Royal Economic Society Annual Conference 2002 from Royal Economic Society

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.

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Date: 2002-08-29
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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)
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