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http://dspace.mediu.edu.my:8181/xmlui/handle/10261/1806| Title: | Chaotic Dynamics in Credit Constrained Emerging Economies |
| Keywords: | Chaotic Dynamics Credit Constraints Financial development |
| Description: | 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://dspace.mediu.edu.my:8181/xmlui/handle/10261/1806 |
| Other Identifiers: | http://hdl.handle.net/10261/1806 |
| Appears in Collections: | Digital Csic |
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