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タイトル: | A heterogeneous-firm model of trade and growth with country-specific credit constraints |
著者: | Ohdoi, Ryoji Mino, Kazuo Hu, Yunfang |
キーワード: | F12 F43 O16 O41 Endogenous growth Heterogeneous firms Asymmetric countries Financial frictions Country-specific credit crunch |
発行日: | Aug-2023 |
出版者: | Institute of Economic Research, Kyoto University |
誌名: | KIER Discussion Paper |
巻: | 1095 |
開始ページ: | 1 |
終了ページ: | 44 |
抄録: | This study constructs a two-country endogenous growth model with heterogeneous firms and asymmetric countries, where the asymmetry lies in the degree of financial frictions. The tradable intermediate goods sector consists of heterogeneous firms and requires specific goods for entry. These goods are produced by heterogeneous entrepreneurs facing credit constraints due to financial frictions. Using this framework, we derive the following results analytically. First, a permanent credit crunch in one country facilitates the exit of intermediate goods firms in that country; meanwhile, it decreases the profitability of exports of the other country's intermediate goods firms, causing exporters to switch to selling their goods domestically. Second, under no international lending and borrowing, the credit crunch reduces the growth rates of both countries not only in the long run but also during the transition to a new balanced growth path. We also compare the long-run effects under such a financial autarky and financial integration. |
URI: | http://hdl.handle.net/2433/284950 |
関連リンク: | https://www.kier.kyoto-u.ac.jp/publication/?cat=en |
出現コレクション: | KIER Discussion Paper (英文版) |
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