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Collateral and development

Nicola Amendola, Lorenzo Carbonari and Ferraris Leo ()
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Ferraris Leo: Università di Roma “Tor Vergata”, Roma, Italy

The B.E. Journal of Macroeconomics, 2020, vol. 20, issue 1, 17

Abstract: This paper presents a model economy with endogenous credit constraints à la Kiyotaki-Moore and endogenous growth à la Uzawa-Lucas, in which agents face a trade-off between investing resources to improve the pledgeability of collateral assets and the accumulation of human capital. The model generates both growth miracles and stagnant economies.

Keywords: collateral; credit; development; growth; human capital (search for similar items in EconPapers)
JEL-codes: G0 O1 O40 (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1515/bejm-2019-0033

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