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Finance and Economic Growth in a Dynamic Game

Takuma Kunieda () and Kazuo Nishimura ()

Dynamic Games and Applications, 2018, vol. 8, issue 3, 588-600

Abstract: Abstract We investigate how the relaxation of financial constraints affects economic growth in a dynamic game of the tragedy of the commons by introducing an imperfect financial market into Tornell and Velasco’s (J Polit Econ 100(6):1208–1231, 1992) model. It is shown that whereas the relaxation of financial constraints enhances economic growth if agents have access only to a common asset whose property rights are not secure, the relaxation of financial constraints reduces economic growth if agents can have access not only to a common asset but also to a private asset whose property rights are secure.

Keywords: Dynamic game; Interest groups; Property rights; Financial market imperfections; Economic growth (search for similar items in EconPapers)
JEL-codes: C73 D92 O43 (search for similar items in EconPapers)
Date: 2018
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