On the Allocation of Credit and Aggregate Fluctuations
On the allocation of credit and aggregate fluctuations
| dc.creator | Gomes, Orlando | |
| dc.date | 2010-12-07 | |
| dc.date.accessioned | 2023-08-31T21:07:19Z | |
| dc.date.available | 2023-08-31T21:07:19Z | |
| dc.identifier | https://periodicos.fgv.br/rbe/article/view/1213 | |
| dc.identifier.uri | https://repositorioslatinoamericanos.uchile.cl/handle/2250/8559463 | |
| dc.description | 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. | en-US |
| dc.description | Literatura recente sobre crescimento e desenvolvimento financeiro temsalientado a possibilidade de ciclos económicos endógenos que surgem paradeterminados valores de um dado multiplicador de crédito. Estes estudosconcentram-se em empréstimos dirigidos à actividade produtiva e negligenciamo papel do crédito ao consumo. Neste artigo, considera-se um modelode crescimento endógeno, onde um agente representativo tem de escolhercomo afectar o crédito; basicamente, o agente considera uma regra simplesde acordo com a qual a fracção de crédito para consumo reage a desviosdo rácio consumo – riqueza relativamente ao correspondente nível de equilíbrio.Este ambiente gera dinâmica não linear, a qual é analisada localmentee globalmente. | pt-BR |
| dc.format | application/pdf | |
| dc.format | application/pdf | |
| dc.language | por | |
| dc.language | eng | |
| dc.publisher | EGV EPGE | pt-BR |
| dc.relation | https://periodicos.fgv.br/rbe/article/view/1213/1968 | |
| dc.relation | https://periodicos.fgv.br/rbe/article/view/1213/2005 | |
| dc.source | Revista Brasileira de Economia; Vol. 64 No. 4 (2010); 393-404 | en-US |
| dc.source | Revista Brasileira de Economia; v. 64 n. 4 (2010); 393-404 | pt-BR |
| dc.source | 1806-9134 | |
| dc.source | 0034-7140 | |
| dc.subject | Financial development | pt-BR |
| dc.subject | Credit to consumption | pt-BR |
| dc.subject | Endogenous growth | pt-BR |
| dc.subject | Endogenous cycles | pt-BR |
| dc.subject | Nonlinear dynamics. | pt-BR |
| dc.title | On the Allocation of Credit and Aggregate Fluctuations | en-US |
| dc.title | On the allocation of credit and aggregate fluctuations | pt-BR |
| dc.type | info:eu-repo/semantics/article | |
| dc.type | info:eu-repo/semantics/publishedVersion | |
| dc.type | Articles | en-US |
| dc.type | Artigos | pt-BR |