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Title

Chaotic Dynamics in Credit Constrained Emerging Economies

AuthorsCaballé, Jordi ; Jarque, Xavier; Michetti, Elisabetta
KeywordsChaotic Dynamics
Credit Constraints
Financial development
Issue Date16-Mar-2004
SeriesUFAE and IAE Working Papers
605.04
AbstractThis 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.
URIhttp://hdl.handle.net/10261/1806
Appears in Collections:(IAE) Informes y documentos de trabajo
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