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1 août 2012
- handle: 10670/1.3vrd51
- hal: hal-03473915
- SCIENCESPO: 2441/c87bgksc18ba9tn72tqcganvu
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info:eu-repo/semantics/altIdentifier/hdl/2441/c87bgksc18ba9tn72tqcganvu
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Mots-clés
capital flows credit constraints Globalization life-cycle household savings saving and current account imbalances F - International Economics/F.F2 - International Factor Movements and International Business/F.F2.F21 - International Investment • Long-Term Capital Movements F - International Economics/F.F3 - International Finance/F.F3.F32 - Current Account Adjustment • Short-Term Capital Movements F - International Economics/F.F4 - Macroeconomic Aspects of International Trade and Finance/F.F4.F41 - Open Economy MacroeconomicsSujets proches
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Nicolas Coeurdacier et al., « Credit Constraints and Growth in a Global Economy », Archive ouverte de Sciences Po (SPIRE), ID : 10670/1.3vrd51
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Résumé
In a period of rapid integration and accelerated growth in emerging markets, three striking trends have been (1) a divergence in the private saving rates of emerging markets and advanced economies, (2) large net capital outflows from emerging markets, and (3) a sustained decline in the world interest rate. This paper shows that in a multi-period OLG model, the interaction between growth and household credit constraints --- more severe in emerging markets --- is able to account for all of the above facts. We provide micro-level evidence that corroborates our mechanism: saving behaviors across age groups in the U.S. and China are broadly supportive of the predictions of the model.