内生金融摩擦与增长

Minhyeon Jeong
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引用次数: 0

摘要

金融摩擦一直被认为是解释各国增长差异的关键因素。这些摩擦通常被视为对借贷能力的外生约束,假定这种约束与国内生产总值水平和商业周期波动等经济条件无关。然而,假设借款受到外生约束往往会导致宏观经济变量出现不切实际的动态变化,如投资与国内生产总值和贷款与价值比率不变。基于这些局限性,我们建立了一个增长模型,其中借贷约束的严重程度由内生决定。借贷约束会对经济增长产生不利影响,并放大波动对经济增长的负面影响。然而,随着经济的持续增长,这些增长效应会逐渐消失,因为随着经济的增长,债务人会更愿意偿还债务,从而导致借贷约束的内生性放松。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Endogenous Financial Friction and Growth
Financial frictions have been considered a crucial factor in explaining growth disparities across countries. These frictions are typically viewed as an exogenous constraint on borrowing capacity that is assumed to be invariant to economic conditions, such as the level of GDP and business cycle fluctuations. However, assuming the exogenous constraint on borrowing often leads to unrealistic dynamics in macroeconomic variables, such as constant investment-to-GDP and loan-to-value ratios. Motivated by these limitations, we develop a growth model in which the severity of the borrowing constraint is endogenously determined. The borrowing constraint adversely affects growth and amplifies the negative effect of volatility on growth. However, these growth effects gradually disappear as the economy continues to grow, because debtors become more willing to honor their debts along with economic growth, resulting in an endogenous relaxation of the borrowing constraint.
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