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Economic Growth with Bubbles

Jaume Ventura and Alberto Martin

No 204, Working Papers from Barcelona Graduate School of Economics

Abstract: This paper presents a stylized model of economic growth with bubbles. This model views asset price bubbles as a market-generated device to moderate the effects of frictions in financial markets, improving the allocation of investments and raising the capital stock and welfare. The model illustrates various channels through which asset price bubbles affect the incentives for innovation and economic reforms, and therefore, the rate of economic growth. The model also offers a new perspective on the effects of financial development on asset price bubbles and economic growth.

Date: 2003-11
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https://www.barcelonagse.eu/sites/default/files/working_paper_pdfs/204.pdf (application/pdf)

Related works:
Journal Article: Economic Growth with Bubbles (2012) Downloads
Working Paper: Economic growth with bubbles (2011) Downloads
Working Paper: Economic Growth with Bubbles (2010) Downloads
Working Paper: Economic Growth with Bubbles (2010) Downloads
Working Paper: Economic Growth with Bubbles (2010) Downloads
Working Paper: Economic Growth with Bubbles (2010) Downloads
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