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- W1547612407 abstract "1The two types of friction are the costs of financial intermediation and the capacity to enforce credit contracts. A general equilibrium model is used, with heterogeneous agents in terms of initial wealth and entrepreneurial talent, along with independent estimates for the two types of financial frictions. This provides us with a partial explanation of the differences observed between the American economy and other economies in different stages of development (advanced and developing in Europe; Latin-American; Asian). An initial conclusion is that the real capacity to enforce credit contracts can explain to a considerable degree the differences observed between advanced European economies and the U.S. in a number of spheres (GDP per capita, ratio of total credit to GDP and so on). The differences can be explained in the most part by the varying capacity to enforce credit contracts. In the model, this corresponds to the fraction of credit that financial intermediaries seize if the debtor defaults. This financial friction also explains a significant part of the differences, in terms of GDP per capita, between Latin-American and developing European economies, on the one hand, and the U.S., on the other. A second conclusion is that the quantitative implications of the model depend critically on the existence of a general equilibrium effect in wages and in the rate of return on capital. This effect varies depending on whether the return on capital is determined exogenously (i.e. it is given by international market values) or endogenously (i.e. it is determined as if the economy was completely closed). The effects of financial frictions on per capita GDP in the economy are typically more pronounced in the first than in the second case. This implies that changes in policy affecting the two forms of frictions - and above all the capacity to enforce credit contracts - will have effects that are especially relevant in the case of small" @default.
- W1547612407 created "2016-06-24" @default.
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- W1547612407 date "2008-01-01" @default.
- W1547612407 modified "2023-09-24" @default.
- W1547612407 title "THE EFFECT OF FINANCIAL FRICTIONS ON ECONOMIC DEVELOPMENT" @default.
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