On the allocation of credit and aggregate fluctuations

Detalhes bibliográficos
Autor(a) principal: Gomes,Orlando
Data de Publicação: 2010
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402010000400003
Resumo: 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.
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spelling On the allocation of credit and aggregate fluctuationsFinancial developmentCredit to consumptionEndogenous growthEndogenous cyclesNonlinear dynamicsRecent 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.Fundação Getúlio Vargas2010-12-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402010000400003Revista Brasileira de Economia v.64 n.4 2010reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGV10.1590/S0034-71402010000400003info:eu-repo/semantics/openAccessGomes,Orlandoeng2011-02-23T00:00:00Zoai:scielo:S0034-71402010000400003Revistahttp://bibliotecadigital.fgv.br/ojs/index.php/rbe/issue/archivehttps://old.scielo.br/oai/scielo-oai.php||rbe@fgv.br1806-91340034-7140opendoar:2011-02-23T00:00Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)false
dc.title.none.fl_str_mv On the allocation of credit and aggregate fluctuations
title On the allocation of credit and aggregate fluctuations
spellingShingle On the allocation of credit and aggregate fluctuations
Gomes,Orlando
Financial development
Credit to consumption
Endogenous growth
Endogenous cycles
Nonlinear dynamics
title_short On the allocation of credit and aggregate fluctuations
title_full On the allocation of credit and aggregate fluctuations
title_fullStr On the allocation of credit and aggregate fluctuations
title_full_unstemmed On the allocation of credit and aggregate fluctuations
title_sort On the allocation of credit and aggregate fluctuations
author Gomes,Orlando
author_facet Gomes,Orlando
author_role author
dc.contributor.author.fl_str_mv Gomes,Orlando
dc.subject.por.fl_str_mv Financial development
Credit to consumption
Endogenous growth
Endogenous cycles
Nonlinear dynamics
topic Financial development
Credit to consumption
Endogenous growth
Endogenous cycles
Nonlinear dynamics
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.
publishDate 2010
dc.date.none.fl_str_mv 2010-12-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402010000400003
url http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402010000400003
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.1590/S0034-71402010000400003
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv text/html
dc.publisher.none.fl_str_mv Fundação Getúlio Vargas
publisher.none.fl_str_mv Fundação Getúlio Vargas
dc.source.none.fl_str_mv Revista Brasileira de Economia v.64 n.4 2010
reponame:Revista Brasileira de Economia (Online)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
instacron_str FGV
institution FGV
reponame_str Revista Brasileira de Economia (Online)
collection Revista Brasileira de Economia (Online)
repository.name.fl_str_mv Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)
repository.mail.fl_str_mv ||rbe@fgv.br
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