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Title: | Chaotic Dynamics in Credit Constrained Emerging Economies |
Authors: | Caballé, Jordi ![]() |
Keywords: | Chaotic Dynamics Credit Constraints Financial development |
Issue Date: | 16-Mar-2004 |
Series: | UFAE and IAE Working Papers 605.04 |
Abstract: | This paper analyzes the role of financial development as a source of endogenous instability in small open economies. By assuming that firms face credit constraints, our model displays a complex dynamic behavior for intermediate values of the parameter representing the level of financial development of the economy. The basic implication of our model is that economies experiencing a process of financial development are more unstable than both very underdeveloped and very developed economies. Our instability concept means that small shocks have a persistent effect on the long run behavior of the model and also that economies can exhibit cycles with a very high period or even chaotic dynamic patterns. |
URI: | http://hdl.handle.net/10261/1806 |
Appears in Collections: | (IAE) Informes y documentos de trabajo |
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