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Credit Constraints and Human Capital Policies
SSRN Electronic Journal, 2019We develop a model of voting behavior to show how credit constraints affect a society's demand for government spending on human capital policies, namely, public policies that increase the returns to human capital investments. The main result of the model is that a reduction in credit market frictions can increase the share of government spending on ...
Braz Camargo, Guilherme Stein
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Consumption and credit constraints: International evidence
Journal of Monetary Economics, 1997Abstract If some consumers are liquidity-constrained, aggregate consumption should be ‘excessively sensitive’ to credit conditions as well as to income. Moreover, the ‘excess sensitivity’ may vary over time. Using data for the United States, Canada, the United Kingdom, Japan and France, we find a substantial impact of credit aggregates on consumption
Bacchetta, Philippe, Gerlach, Stefan
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Credit Constraints and International Financial Crises
SSRN Electronic Journal, 2001Abstract A version of the Kiyotaki and Moore (J. Political Econom. 105 (1997) 211) model of credit cycles is used to examine the extent to which a crisis in a country can spread to another seemingly unrelated country. The model features two small open economies that face credit constraints and produce a differentiated commodity which they export to a
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Credit Constraints and Consumer Spending
2009This paper examines the relationship between aggregate consumer spending and credit availability in the United States. The author finds that consumer spending falls (rises) in response to a reduction (increase) in credit availability. Moreover, she provides a formal assessment of the possibility that credit availability is particularly important for ...
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Short-Sale Constraints and Credit Runs
SSRN Electronic Journal, 2015This paper studies how short-sale constraints affect the informational efficiency of market prices and the link between prices and economic activity. I show that under short-sale constraints security prices contain less information. However, short-sale constraints increase the informativeness of prices to some agents who learn about the quality of an ...
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Credit Constraints, Competition, and Meritocracy
Journal of the European Economic Association, 2005This paper studies a simple model of the talent-ownership mismatch—or failure of meritocracy—brought about by credit market imperfections that prevent the transfer of control over productive assets from the untalented rich to the talented poor. We present two main insights. First, there may be multiple equilibria in the degree of meritocracy.
Francesco Caselli, GENNAIOLI, NICOLA
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SME credit constraints and macroeconomic effects [PDF]
, 2013 This research attempts to answer two particular questions: a) what factors drive SME credit constraints in the Irish economy and b) what is the impact of such constraints on the macro-economy, in particular on employment and investment. We find that constraints decrease with firm size while there is variation by sector.
Gerlach, Petra +2 more
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Global sourcing and credit constraints
Canadian Journal of Economics/Revue canadienne d'économique, 2017AbstractThis paper incorporates credit constraints into a model of global sourcing and heterogeneous firms. Following Antràs and Helpman, heterogeneous firms decide whether to outsource or integrate input suppliers. Financing of fixed organizational costs requires borrowing with credit constraints and collateral based on tangible assets. The party that
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Exports, Productivity, and Credit Constraints
2021Recent Melitz-type (2003) intra-industry heterogenous trade models argue that a firm’s productivity has significant effects on the firm’s exports. This chapter examines how a firm’s credit constraints as well as its productivity affect its export decisions.
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