Credit Markets and Stagnation in an Endogenous Growth Model /
This paper studies the effects that the inability of individuals to borrow against future income has on economic growth. The model assumes that human capital, which is accumulated through education, is the only factor of production. It is shown that liquidity constraints reduce growth. Further, in t...
| Main Author: | |
|---|---|
| Format: | Journal |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
1993.
|
| Series: | IMF Working Papers; Working Paper ;
No. 1993/072 |
| Online Access: | Full text available on IMF |