This paper presents a model economy with endogenous credit constraints à la Kiyotaki-Moore and endogenous growth à la Uzawa-Lucas, in which agents face a trade-off between investing resources to improve the pledgeability of collateral assets and the accumulation of human capital. The model generates both growth miracles and stagnant economies.
Amendola, N., Carbonari, L., Ferraris, L. (2020). Collateral and development. THE B.E. JOURNAL OF MACROECONOMICS, 20(1) [10.1515/bejm-2019-0033].
Collateral and development
Ferraris, L
2020
Abstract
This paper presents a model economy with endogenous credit constraints à la Kiyotaki-Moore and endogenous growth à la Uzawa-Lucas, in which agents face a trade-off between investing resources to improve the pledgeability of collateral assets and the accumulation of human capital. The model generates both growth miracles and stagnant economies.
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