Show simple item record

dc.creatorGranda, Catalina
dc.creatorHamann-Salcedo, Franz Alonso
dc.creatorTamayo, Cesar E.
dc.description.abstractIn this paper, we build a heterogeneous agents-dynamic general equilibrium model wherein saving constraints interact with credit constraints. Saving constraints in the form of fixed costs to use the financial system lead households to seek informal saving instruments (cash) and result in lower aggregate saving. Credit constraints induce misallocation of capital across producers that in turn lowers output, productivity, and the return to formal financial instruments. We calibrate the model using survey data from a developing country where informal saving and credit constraints are pervasive. Our quantitative results suggest that completely removing saving and credit constraints can have large effects on saving rates, output, TFP, and welfare. Moreover, we note that a sizable fraction of these gains can be more easily attained by a mix of moderate reforms that lower both types of frictions than by a strong reform on either front.
dc.format.extent27 páginas : gráficas, tablas
dc.publisherBanco de la República de Colombia
dc.relation.ispartofDocumentos de trabajo
dc.relation.ispartofseriesBorradores de Economía
dc.relation.isversionofBorradores de Economía; No. 1002
dc.rights.accessRightsOpen Access
dc.subjectRestricciones de ahorro
dc.subjectRestricciones de crédito
dc.subjectInclusión financiera
dc.subjectMala asignación
dc.subjectMercados financieros formales e informales
dc.titleCredit and saving constraints in general equilibrium : evidence from survey data
dc.typeWorking Paper
dc.subject.jelO11 - Macroeconomic Analyses of Economic Development
dc.subject.jelE44 - Financial Markets and the Macroeconomy
dc.subject.jelE21 - Consumption; Saving; Wealth
dc.subject.jelG21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages
dc.subject.keywordSaving constraints
dc.subject.keywordCredit constraints
dc.subject.keywordFinancial inclusion
dc.subject.keywordFormal and informal financial markets
dc.subject.lembAhorro e inversión
dc.subject.lembMercado financiero
dc.subject.lembRestricción financiera
dc.type.spaDocumentos de trabajo
dc.rights.spaAcceso abierto
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0
dc.subject.jelspaO11 - Análisis macroeconómico del desarrollo económico
dc.subject.jelspaE21 - Consumo; Ahorro; Riqueza
dc.subject.jelspaE44 - Mercados financieros y macroeconomía
dc.subject.jelspaG21 - Bancos; Instituciones de depósito; Instituciones Microfinancieras; Hipotecas
dc.type.hasversionPublished Version
dc.source.bibliographicCitationAntunes, A., Cavalcanti, T., & Villamil, A. (2008). The effect of financial repression and enforcement on entrepreneurship and economic development. Journal of Monetary Economics, 55(2), 278–297.
dc.source.bibliographicCitationBeck, T., Demirgüç-Kunt, A., & Levine, R. (2010). Financial institutions and markets across countries and over time: The updated financial development and structure database. World Bank Economic Review, 24(1), 77–92.
dc.source.bibliographicCitationBuera, F. J., Kaboski, J. P., & Shin, Y. (2011). Finance and Development: A Tale of Two Sectors. American Economic Review, 101(5), 1964–2002.
dc.rights.disclaimerLas opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.
dc.relation.numberBorrador 1002
dc.creator.firmaFranz Hamann

Files in this item


This item appears in the following Collection(s)

Show simple item record

This work is licensed under a Creative Commons Reconocimiento-NoComercial 4.0.This document has been deposited by the author (s) under the following certificate of deposit