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Article: Increasing wealth and increasing instability: The role of collateral

TitleIncreasing wealth and increasing instability: The role of collateral
Authors
Issue Date2002
PublisherBlackwell Publishing Ltd. The Journal's web site is located at http://www.blackwellpublishing.com/journal.asp?ref=0965-7576&site=1
Citation
Review Of International Economics, 2002, v. 10 n. 1, p. 45-52 How to Cite?
AbstractIn development economics, growth in credit is generally associated with faster long-run growth as financial intermediation improves the efficiency of channeling capital to productive investment. Yet, among developing countries high growth in credit almost always guarantees the outbreak of a financial crisis. The authors attempt to reconcile the two seemingly contradictory facts with an endogenous growth model in which entry to international borrowing entails some significant fixed cost. The poorest countries are excluded from international borrowing because of the fixed cost. The higher-income developing countries will find it optimal to sink the fixed cost to borrow internationally, growing faster as a result, but also become prone to fluctuations arising from shocks to the international financial market.
Persistent Identifierhttp://hdl.handle.net/10722/85638
ISSN
2015 Impact Factor: 0.558
2015 SCImago Journal Rankings: 0.518
SSRN
References

 

DC FieldValueLanguage
dc.contributor.authorTse, CYen_HK
dc.contributor.authorLeung, CKYen_HK
dc.date.accessioned2010-09-06T09:07:28Z-
dc.date.available2010-09-06T09:07:28Z-
dc.date.issued2002en_HK
dc.identifier.citationReview Of International Economics, 2002, v. 10 n. 1, p. 45-52en_HK
dc.identifier.issn0965-7576en_HK
dc.identifier.urihttp://hdl.handle.net/10722/85638-
dc.description.abstractIn development economics, growth in credit is generally associated with faster long-run growth as financial intermediation improves the efficiency of channeling capital to productive investment. Yet, among developing countries high growth in credit almost always guarantees the outbreak of a financial crisis. The authors attempt to reconcile the two seemingly contradictory facts with an endogenous growth model in which entry to international borrowing entails some significant fixed cost. The poorest countries are excluded from international borrowing because of the fixed cost. The higher-income developing countries will find it optimal to sink the fixed cost to borrow internationally, growing faster as a result, but also become prone to fluctuations arising from shocks to the international financial market.en_HK
dc.languageengen_HK
dc.publisherBlackwell Publishing Ltd. The Journal's web site is located at http://www.blackwellpublishing.com/journal.asp?ref=0965-7576&site=1en_HK
dc.relation.ispartofReview of International Economicsen_HK
dc.rightsReview of International Economics. Copyright © Blackwell Publishing Ltd.en_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.titleIncreasing wealth and increasing instability: The role of collateralen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0965-7576&volume=10&spage=45&epage=52&date=2002&atitle=Increasing+wealth+and+increasing+instability:+the+role+of+collateralen_HK
dc.identifier.emailTse, CY: cytse@hkucc.hku.hken_HK
dc.identifier.authorityTse, CY=rp01099en_HK
dc.description.naturepreprint-
dc.identifier.doi10.1111/1467-9396.00316-
dc.identifier.scopuseid_2-s2.0-0036184370en_HK
dc.identifier.hkuros71125en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0036184370&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume10en_HK
dc.identifier.issue1en_HK
dc.identifier.spage45en_HK
dc.identifier.epage52en_HK
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.ssrn309451-
dc.identifier.scopusauthoridTse, CY=7103295092en_HK
dc.identifier.scopusauthoridLeung, CKY=35728734600en_HK

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