Macrodynamics of debt regimes, financial instability and growth.
Macrodynamics of debt regimes, financial instability and growth.
复制标题
债务制度、金融不稳定和增长的宏观动力学。
DOI：
10.1093/cje/bel042
复制
发表时间：
2006
影响因子：
2
通讯作者：
Antonio J. A. Meirelles
中科院分区：
文献类型：
--
作者：
Gilberto Tadeu Lima;Antonio J. A. Meirelles
本文建立了一个产能利用率和增长的后凯恩斯动态模型，其中信贷货币的供给是内生的，企业的债务状况--从而明确地模拟了经济的金融脆弱性。利率是由银行设定的，是货币当局外部确定的基准利率的加价。银行业务的加价随产能利用率的变化而变化，而负债比率则随利率、资本积累和增长的变化而变化。关于动力学，它示出了与利率和债务比率作为状态变量的系统的稳定性属性的可能性，以现行的Minskyan政权对冲，投机或庞氏骗局。
This paper develops a post-Keynesian dynamic model of capacity utilisation and growth, in which the supply of credit-money is endogenous and firms' debt position-and thus the financial fragility of the economy a la Hyman Minsky-is explicitly modelled. The interest rate is set by banks as a markup over a base rate exogenously determined by the monetary authority. The banking markup varies with changes in capacity utilisation, while the debt ratio varies with changes in the rates of interest, capital accumulation and growth. Regarding dynamics, it is shown the possibility of relating the stability properties of a system with the interest rate and the debt ratio as state variables to the prevailing Minskyan regime-hedge, speculative or Ponzi.