Credit Market Imperfections and Macroeconomic Instability

著者
Takuma Kunieda and Akihisa Shibata
シリーズ
MQ Discussion Series
DP番号
2014-013
公開年月
September 2014
言語
英語
URL
ファイル
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Summary

Credit market imperfections typically characterize a low quality financial market, where the quality of information about borrowers is low and/or enforcement rules or institutions are not well developed. We consider an economy with credit market imperfections and analyze how changes in the degree of credit constraints affect economic fluctuations. The analysis demonstrates that if the degree of credit market imperfection is either severe or too soft, the economy converges to an asymptotically stable steady state, whereas if the degree of imperfection is moderate, the equilibrium involves deterministic cycles or chaos.

 
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