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A Growth Cycles Interaction with Imperfect Credit Market

Author

Listed:
  • Muriel Dal-Pont Legrand

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique)

Abstract

Within the Endogenous Growth paradigm, this paper studies the relationship between cycles and growth. The paper questions the positive influence that recessions may have on growth. Instead of paying attention to the innovation – market structure relationship, it focuses on the innovation – financial markets imperfections relationship. A model is developed where all investment is financed via credit extension characterised by credit rationing due to the asymmetric information hypothesis. In that context, we show that monetary policy is not neutral anymore and that finance may boost growth in smoothing intertemporal fluctuations through the credit channel.

Suggested Citation

  • Muriel Dal-Pont Legrand, 2004. "A Growth Cycles Interaction with Imperfect Credit Market," Post-Print halshs-00484086, HAL.
    • Handle: RePEc:hal:journl:halshs-00484086
    as

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    Cited by:

    1. Muriel Dal-Pont Legrand & Harald Hagemann, 2015. "Can Recessions be 'Productive'? Schumpeter and the Moderns," GREDEG Working Papers 2015-23, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.

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