This paper analyses the determinants of credit demand in the presence of borrowing constraints for Uruguayan economy. I model the determinants of debt level for Uruguayan households taking into account selection bias and ...

This paper analyses the determinants of credit demand in the presence of borrowing constraints for Uruguayan economy. I model the determinants of debt level for Uruguayan households taking into account selection bias and ...

This paper investigates the determinants of credit demand in the presence of borrowing constraints in a developing economy. We model the determinants of observed debt for Chilean households while accounting for selection ...

In infinite horizon financial markets economies, competitive equilibria fail to exist if one does not impose restrictions on agents' trades that rule out Ponzi schemes. When there is limited commitment and collateral ...

This paper presents a small open economy model with capital accumulation and without commitment to repay debt. The optimal debt contract specifies debt relief following bad shocks and debt increase following good shocks ...

The imperfect capital market is related to asymmetry of information. The investment decisions of companies are sensitive due to the availability of internal resources. In this sense, this paper aims to analyze the influence ...

Externai debt service requires a dual resource transfer. Trade surpluses have to be generated in order to make foreign exchange revenues available for debt repayment. In addition, with developing countries' externai debt ...

We argue that it is possible to adapt the approach of imposing restrictions on available plans through finitely effective debt constraints, introduced by Levine and Zame (1996), to encompass models with default and collateral. ...

The external finance of small- and medium-sized enterprises (SMEs) is limited to private debt such as bank credit and trade credit. SMEs generally prefer bank credit over trade credit because the former tends to be less ...

This paper develops a model to capture the key features of poverty, credit constraints and resource management faced by poor rural households. We assume that, due to the existence of asymmetric information and moral hazard, ...