TY - JOUR
T1 - Credit market imperfection, financial market globalization, and catastrophic transition
AU - Agliari, Anna
AU - Vachadze, George
PY - 2015
Y1 - 2015
N2 - Over the past two decades a substantial body of research has been developed to investigate macroeconomic implications of credit market imperfection. These studies have demonstrated that credit market imperfection can be responsible
for a)propagation, amplification, and persistence of macroeconomic shocks to fundamentals (as in [7,9,12]); (b)the indeterminacy of equilibria, which can lead to endogenous, self-fulfilling, expectations-driven business cycle fluctuations (as in [21,5,6,4]); c)the persistence of volatility (as in 10,17,18]); and (d)the magnification of between and within country income inequality (as in [15,16]). The main goal of the present paper is to contribute to our understanding by offering new insights about the macroeconomic implications of credit market imperfection.
AB - Over the past two decades a substantial body of research has been developed to investigate macroeconomic implications of credit market imperfection. These studies have demonstrated that credit market imperfection can be responsible
for a)propagation, amplification, and persistence of macroeconomic shocks to fundamentals (as in [7,9,12]); (b)the indeterminacy of equilibria, which can lead to endogenous, self-fulfilling, expectations-driven business cycle fluctuations (as in [21,5,6,4]); c)the persistence of volatility (as in 10,17,18]); and (d)the magnification of between and within country income inequality (as in [15,16]). The main goal of the present paper is to contribute to our understanding by offering new insights about the macroeconomic implications of credit market imperfection.
KW - Catastrophic transition
KW - Crater bifurcation
KW - Credit market imperfection
KW - Financial globalization
KW - Catastrophic transition
KW - Crater bifurcation
KW - Credit market imperfection
KW - Financial globalization
UR - http://hdl.handle.net/10807/66245
U2 - 10.1016/j.matcom.2014.05.009
DO - 10.1016/j.matcom.2014.05.009
M3 - Article
VL - 2015
SP - 41
EP - 62
JO - Mathematics and Computers in Simulation
JF - Mathematics and Computers in Simulation
SN - 0378-4754
ER -