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http://hdl.handle.net/10071/10065
acessibilidade
Title: On the allocation of credit and aggregate fluctuations
Authors: Gomes, O.
Keywords: Credit to consumption
Endogenous cycles
Endogenous growth
Financial development
Nonlinear dynamics
Issue Date: 2010
Publisher: Fundação Getúlio Vargas
Abstract: Recent literature on financial development and growth has highlighted the possibility of endogenous business cycles arising for particular levels of a given credit multiplier. These studies concentrate on loans directed to the productive activity and neglect the role of credit to consumption. In this paper, we consider an endogenous growth model, where a representative agent must choose how to allocate credit; basically, the agent considers a simple rule where the share of credit to consumption reacts to deviations of the consumption - wealth ratio relatively to the corresponding steady state level. The setup generates nonlinear dynamics, which are analyzed both locally and globally.
Description: SCIELO:S0034-71402010000400003 (Nº de Acesso Web of Science)
Peer reviewed: Sim
URI: https://ciencia.iscte-iul.pt/public/pub/id/22723
http://hdl.handle.net/10071/10065
ISSN: 0034-7140
Publisher version: The definitive version is available at: http://dx.doi.org/10.1590/S0034-71402010000400003
Appears in Collections:BRU-RI - Artigo em revista científica internacional com arbitragem científica

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