Borrowing constraints, human capital accumulation, and growth

• 成果类型: Article
• 署名作者: DeGregorio, J
• 署名单位: International Monetary Fund; Universidad de Chile
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(95)01234-6
• 发表日期: 1996
• 页码: 49-71
• 关键词: borrowing constraints; GROWTH; human capital; savings

摘要

Borrowing constraints increase aggregate savings, and therefore may increase growth. This paper argues, however, that by reducing human capital accumulation, borrowing constraints also have negative effects on growth. These effects are discussed in an overlapping-generations model with endogenous growth. Empirical evidence for OECD and developing countries lend support to the main predictions of the model.