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Savings, Growth and Capital Markets Imperfections: The Case of Borrowing Constraints

Author

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  • Mr. Jose De Gregorio

Abstract

This paper studies the effects that borrowing constraints have on savings and growth and argues that, though they increase savings, their effect on growth is ambiguous. Empirical evidence on the extent of borrowing constraints as well as savings, investment, human capital accumulation and growth performance for industrialized countries is presented. A simple model to show the effects of borrowing constraints on savings is developed. Then the model is extended to analyze the effects of borrowing constraints on human capital accumulation and growth. It is shown that borrowing constraints increase savings, but reduce human capital accumulation.

Suggested Citation

  • Mr. Jose De Gregorio, 1993. "Savings, Growth and Capital Markets Imperfections: The Case of Borrowing Constraints," IMF Working Papers 1993/031, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1993/031
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    Cited by:

    1. Conceição Pereira, 2003. "The Effects of Households’ and Firms’ Borrowing Constraints on Economic Growth," GEMF Working Papers 2003-04, GEMF, Faculty of Economics, University of Coimbra.
    2. Gilles Bérubé & Denise Côté, 2000. "Long-Term Determinants of the Personal Savings Rate: Literature Review and Some Empirical Results for Canada," Staff Working Papers 00-3, Bank of Canada.

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