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Growth and crisis, unavoidable connection?

Author: Roberto Piazza; International Monetary Fund. Middle East and Central Asia Department,
Publisher: [Washington, D.C.] : International Monetary Fund, ©2010.
Series: IMF working paper, WP/10/267.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
In emerging economies periods of rapid growth and large capital inflows can be followed by sudden stops and financial crises. I show that, in the presence of financial markets imperfections, a simple modification of a neoclassical growth model can account for these facts. I study a growth model for a small open economy where decreasing marginal returns to capital appear only after the country has reached a threshold  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Piazza, Roberto.
Growth and Crisis, Unavoidable Connection?
Washington : International Monetary Fund, ©2010
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Roberto Piazza; International Monetary Fund. Middle East and Central Asia Department,
ISBN: 1283558262 9781283558266 9781455260928 1455260924
OCLC Number: 698591376
Description: 1 online resource (33 pages).
Contents: Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Model; A. Technology; B. Households; C. International Investors; III. Equilibrium; IV. Equilibrium with Endogenous Borrowing Constraints; V. Results; VI. Debt and Bubbles; VII. Discussion and Extensions; A. Comparison with Other Models of Sudden Stops; B. Extension; VIII. Conclusions; Appendices; References; Footnotes.
Series Title: IMF working paper, WP/10/267.
Responsibility: prepared by Roberto Piazza.

Abstract:

In emerging economies periods of rapid growth and large capital inflows can be followed by sudden stops and financial crises. I show that, in the presence of financial markets imperfections, a simple modification of a neoclassical growth model can account for these facts. I study a growth model for a small open economy where decreasing marginal returns to capital appear only after the country has reached a threshold level of development, which is uncertain. Limited enforceability of contracts allows default on international debt. International investors optimally choose to suddenly restrict lending when the appearance of decreasing marginal returns slows down growth. The economy defaults and enters a financial crisis.

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