Chaotic Dynamics in Credit Constrained Emerging Economies

dc.creator	Caballé, Jordi
dc.creator	Jarque, Xavier
dc.creator	Michetti, Elisabetta
dc.date	2007-11-05T11:32:03Z
dc.date	2007-11-05T11:32:03Z
dc.date	2004-03-16
dc.date.accessioned	2017-01-31T00:57:56Z
dc.date.available	2017-01-31T00:57:56Z
dc.identifier	http://hdl.handle.net/10261/1806
dc.identifier.uri	http://dspace.mediu.edu.my:8181/xmlui/handle/10261/1806
dc.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.
dc.language	eng
dc.relation	UFAE and IAE Working Papers
dc.relation	605.04
dc.rights	openAccess
dc.subject	Chaotic Dynamics
dc.subject	Credit Constraints
dc.subject	Financial development
dc.title	Chaotic Dynamics in Credit Constrained Emerging Economies
dc.type	Documento de trabajo

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