Credit and Saving Constraints in General Equilibrium : A Quantitative Exploration

ABSTRACT: In this paper we build an incomplete-markets model with heterogeneous households and firms to study the aggregate effects of saving constraints and credit constraints in general equilibrium. We calibrate the model using survey data from Colombia, a developing country in which informal savi...

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Detalles Bibliográficos
Autores: Granda Carvajal, Catalina, Hamann, Franz, Tamayo, Cesar E.
Tipo de recurso: artículo
Estado:Versión publicada
Fecha de publicación:2019
País:Colombia
Institución:Universidad de Antioquia
Repositorio:Repositorio UdeA
Idioma:inglés
OAI Identifier:oai:bibliotecadigital.udea.edu.co:10495/32537
Acceso en línea:https://hdl.handle.net/10495/32537
Access Level:acceso abierto
Palabra clave:Ahorros
Savings
Crédito
Credit
Mercado financiero
Financial market
Inclusión financiera
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spelling Credit and Saving Constraints in General Equilibrium : A Quantitative ExplorationGranda Carvajal, CatalinaHamann, FranzTamayo, Cesar E.AhorrosSavingsCréditoCreditMercado financieroFinancial marketInclusión financieraABSTRACT: In this paper we build an incomplete-markets model with heterogeneous households and firms to study the aggregate effects of saving constraints and credit constraints in general equilibrium. We calibrate the model using survey data from Colombia, a developing country in which informal saving and credit frictions are pervasive. Our quantitative results suggest that reducing savings costs increases selection into formal saving, but the effect on aggregate outcomes and welfare is dwarfed by that of a policy which ameliorates borrowing constraints. Such a policy improves resource allocation and increases returns to capital and labor, resulting in higher savings and welfare gains for both households and firms.Elsevier2022-12-02T18:52:27Z2022-12-02T18:52:27Z2019info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501http://purl.org/redcol/resource_type/CJournalArticleArtículo de revistaapplication/pdfapplication/pdfhttps://hdl.handle.net/10495/32537enginfo:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by-nc-sa/2.5/co/http://purl.org/coar/access_right/c_abf2https://creativecommons.org/licenses/by-nc-nd/4.0/reponame:Repositorio UdeAinstname:Universidad de Antioquiainstacron:Universidad de Antioquia2022-12-02T18:52:27Z
dc.title.none.fl_str_mv Credit and Saving Constraints in General Equilibrium : A Quantitative Exploration
title Credit and Saving Constraints in General Equilibrium : A Quantitative Exploration
spellingShingle Credit and Saving Constraints in General Equilibrium : A Quantitative Exploration
Granda Carvajal, Catalina
Ahorros
Savings
Crédito
Credit
Mercado financiero
Financial market
Inclusión financiera
title_short Credit and Saving Constraints in General Equilibrium : A Quantitative Exploration
title_full Credit and Saving Constraints in General Equilibrium : A Quantitative Exploration
title_fullStr Credit and Saving Constraints in General Equilibrium : A Quantitative Exploration
title_full_unstemmed Credit and Saving Constraints in General Equilibrium : A Quantitative Exploration
title_sort Credit and Saving Constraints in General Equilibrium : A Quantitative Exploration
dc.creator.none.fl_str_mv Granda Carvajal, Catalina
Hamann, Franz
Tamayo, Cesar E.
author Granda Carvajal, Catalina
author_facet Granda Carvajal, Catalina
Hamann, Franz
Tamayo, Cesar E.
author_role author
author2 Hamann, Franz
Tamayo, Cesar E.
author2_role author
author
dc.subject.none.fl_str_mv Ahorros
Savings
Crédito
Credit
Mercado financiero
Financial market
Inclusión financiera
topic Ahorros
Savings
Crédito
Credit
Mercado financiero
Financial market
Inclusión financiera
description ABSTRACT: In this paper we build an incomplete-markets model with heterogeneous households and firms to study the aggregate effects of saving constraints and credit constraints in general equilibrium. We calibrate the model using survey data from Colombia, a developing country in which informal saving and credit frictions are pervasive. Our quantitative results suggest that reducing savings costs increases selection into formal saving, but the effect on aggregate outcomes and welfare is dwarfed by that of a policy which ameliorates borrowing constraints. Such a policy improves resource allocation and increases returns to capital and labor, resulting in higher savings and welfare gains for both households and firms.
publishDate 2019
dc.date.none.fl_str_mv 2019
2022-12-02T18:52:27Z
2022-12-02T18:52:27Z
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
http://purl.org/coar/resource_type/c_6501
http://purl.org/redcol/resource_type/CJournalArticle
Artículo de revista
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv https://hdl.handle.net/10495/32537
url https://hdl.handle.net/10495/32537
dc.language.none.fl_str_mv eng
language eng
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
http://creativecommons.org/licenses/by-nc-sa/2.5/co/
http://purl.org/coar/access_right/c_abf2
https://creativecommons.org/licenses/by-nc-nd/4.0/
eu_rights_str_mv openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-sa/2.5/co/
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dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
dc.source.none.fl_str_mv reponame:Repositorio UdeA
instname:Universidad de Antioquia
instacron:Universidad de Antioquia
instname_str Universidad de Antioquia
instacron_str Universidad de Antioquia
institution Universidad de Antioquia
reponame_str Repositorio UdeA
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