Macrodynamics of debt regimes, financial instability and growth |
| |
Authors: | Lima Gilberto Tadeu; Meirelles Antonio J A |
| |
Institution: | * University of São Paulo and State University of Campinas, Brasil, respectively |
| |
Abstract: | This paper develops a post-Keynesian dynamic model of capacityutilisation and growth, in which the supply of credit-moneyis endogenous and firms' debt position—and thus the financialfragility of the economy à la Hyman Minsky—is explicitlymodelled. The interest rate is set by banks as a markup overa base rate exogenously determined by the monetary authority.The banking markup varies with changes in capacity utilisation,while the debt ratio varies with changes in the rates of interest,capital accumulation and growth. Regarding dynamics, it is shownthe possibility of relating the stability properties of a systemwith the interest rate and the debt ratio as state variablesto the prevailing Minskyan regime—hedge, speculative orPonzi. |
| |
Keywords: | Debt regimes Financial instability Growth |
本文献已被 Oxford 等数据库收录! |
|