Asset Bubbles, Credit Market Imperfections, and Technology Choice

Akihisa Shibata and Tarishi Matsuoka

No 804, KIER Working Papers from Kyoto University, Institute of Economic Research

Abstract: This paper introduces a bubbly asset into the Matsuyama (2007) model with credit market imperfections and multiple technologies and shows that there can exist multiple bubbly steady states and bubbles may cause underdevelopment traps by preventing the adoption of high productivity technology.

Keywords: asset bubbles; credit market imperfections; technology adoption (search for similar items in EconPapers)
JEL-codes: E44 (search for similar items in EconPapers)
Pages: 12pages
Date: 2011-12
New Economics Papers: this item is included in nep-fmk and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Journal Article: Asset bubbles, credit market imperfections, and technology choice (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:kyo:wpaper:804

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