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 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)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
http://link.springer.com/10.1007/s13235-018-0249-7 Abstract (text/html)
Access to the full text of the articles in this series is restricted.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:spr:dyngam:v:8:y:2018:i:3:d:10.1007_s13235-018-0249-7
Ordering information: This journal article can be ordered from
Access Statistics for this article
Dynamic Games and Applications is currently edited by Georges Zaccour
More articles in Dynamic Games and Applications from Springer
Bibliographic data for series maintained by Sonal Shukla ().