On the Allocation of Credit and Aggregate Fluctuations

Detalhes bibliográficos
Autor(a) principal: Gomes, Orlando
Data de Publicação: 2010
Tipo de documento: Artigo
Idioma: por
eng
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: https://periodicos.fgv.br/rbe/article/view/1213
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.
id FGV-8_a29140de73042190d2574f4a17cb75ea
oai_identifier_str oai:ojs.periodicos.fgv.br:article/1213
network_acronym_str FGV-8
network_name_str Revista Brasileira de Economia (Online)
repository_id_str
spelling On the Allocation of Credit and Aggregate FluctuationsOn the allocation of credit and aggregate fluctuationsFinancial developmentCredit to consumptionEndogenous growthEndogenous cyclesNonlinear dynamics.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.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.EGV EPGE2010-12-07info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArticlesArtigosapplication/pdfapplication/pdfhttps://periodicos.fgv.br/rbe/article/view/1213Revista Brasileira de Economia; Vol. 64 No. 4 (2010); 393-404Revista Brasileira de Economia; v. 64 n. 4 (2010); 393-4041806-91340034-7140reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGVporenghttps://periodicos.fgv.br/rbe/article/view/1213/1968https://periodicos.fgv.br/rbe/article/view/1213/2005Gomes, Orlandoinfo:eu-repo/semantics/openAccess2010-12-07T19:16:50Zoai:ojs.periodicos.fgv.br:article/1213Revistahttps://periodicos.fgv.br/rbe/https://periodicos.fgv.br/rbe/oai||rbe@fgv.br1806-91340034-7140opendoar:2024-03-06T13:03:02.344484Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)true
dc.title.none.fl_str_mv On the Allocation of Credit and Aggregate Fluctuations
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 2010-12-07
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Articles
Artigos
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://periodicos.fgv.br/rbe/article/view/1213
url https://periodicos.fgv.br/rbe/article/view/1213
dc.language.iso.fl_str_mv por
eng
language por
eng
dc.relation.none.fl_str_mv https://periodicos.fgv.br/rbe/article/view/1213/1968
https://periodicos.fgv.br/rbe/article/view/1213/2005
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv EGV EPGE
publisher.none.fl_str_mv EGV EPGE
dc.source.none.fl_str_mv Revista Brasileira de Economia; Vol. 64 No. 4 (2010); 393-404
Revista Brasileira de Economia; v. 64 n. 4 (2010); 393-404
1806-9134
0034-7140
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
_version_ 1798943112847949824

Registros relacionados