Collateral and development
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
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)
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Working Paper: Collateral and Development (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:bpj:bejmac:v:20:y:2020:i:1:p:17:n:22
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