Credit and saving constraints in general equilibrium : evidence from survey data

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dc.audiencePolicymakerseng
dc.audienceResearcherseng
dc.audienceStudentseng
dc.audienceTeacherseng
dc.coverage.sucursalBogotáspa
dc.creatorGranda, Catalinaspa
dc.creatorHamann-Salcedo, Franz Alonsospa
dc.creatorTamayo, Cesar E.spa
dc.creator.firmaFranz Hamannspa
dc.date.accessioned2017-06-07T08:30:10Zeng
dc.date.available2017-06-07T08:30:10Zspa
dc.date.created2017-06-07spa
dc.date.issued2017-06-07eng
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.eng
dc.format.extent27 páginas : gráficas, tablasspa
dc.format.mimetypePDFspa
dc.identifier.handlehttps://hdl.handle.net/20.500.12134/6315spa
dc.identifier.urihttps://repositorio.banrep.gov.co/handle/20.500.12134/6315eng
dc.language.isoengeng
dc.publisherBanco de la República de Colombiaspa
dc.relation.doihttps://doi.org/10.32468/be.1002spa
dc.relation.ispartofDocumentos de trabajospa
dc.relation.ispartofseriesBorradores de Economíaspa
dc.relation.isversionofBorradores de Economía; No. 1002spa
dc.relation.numberBorrador 1002spa
dc.relation.repechttps://ideas.repec.org/p/bdr/borrec/1002.htmlspa
dc.rights.accessRightsOpen Accesseng
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0eng
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.spa
dc.rights.spaAcceso abiertospa
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/eng
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.eng
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.eng
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.eng
dc.source.handleRepecRePEc:bdr:borrec:1002spa
dc.subjectRestricciones de ahorrospa
dc.subjectRestricciones de créditospa
dc.subjectInclusión financieraspa
dc.subjectMala asignaciónspa
dc.subjectAhorrospa
dc.subjectMercados financieros formales e informalesspa
dc.subject.jelO11 - Macroeconomic Analyses of Economic Developmenteng
dc.subject.jelE44 - Financial Markets and the Macroeconomyeng
dc.subject.jelE21 - Consumption; Saving; Wealtheng
dc.subject.jelG21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgageseng
dc.subject.jelspaO11 - Análisis macroeconómico del desarrollo económicospa
dc.subject.jelspaE21 - Consumo; Ahorro; Riquezaspa
dc.subject.jelspaE44 - Mercados financieros y macroeconomíaspa
dc.subject.jelspaG21 - Bancos; Instituciones de depósito; Instituciones Microfinancieras; Hipotecasspa
dc.subject.keywordSaving constraintseng
dc.subject.keywordCredit constraintseng
dc.subject.keywordFinancial inclusioneng
dc.subject.keywordMisallocationeng
dc.subject.keywordSavingeng
dc.subject.keywordFormal and informal financial marketseng
dc.subject.lembBancarizaciónspa
dc.subject.lembAhorro e inversiónspa
dc.subject.lembMercado financierospa
dc.subject.lembRestricción financieraspa
dc.titleCredit and saving constraints in general equilibrium : evidence from survey dataeng
dc.typeWorking Papereng
dc.type.hasversionPublished Versioneng
dc.type.spaDocumentos de trabajoeng

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