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The cobweb, borrowing and financial crises

[Zeitschriftenartikel]

Commendatore, Pasquale; Currie, Martin

Zitationshinweis

Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-248076

Weitere Angaben:
Abstract Studies of non-linear cobweb models have failed to address a fundamental issue: whether the complex dynamical behavior displayed by such models is consistent with the survival of producers. This paper shows that where borrowing is unconstrained, as is implicitly assumed in standard cobweb models, borrowing results in financial crises. Incorporating constraints on borrowing is needed to salvage cobweb models. Industry performance (in terms both of profitability and of the incidence of bankruptcies) is highly sensitive to the nature of such credit restrictions.
Klassifikation Volkswirtschaftslehre
Freie Schlagwörter Cobweb; Economic dynamics; Financial capital; Bankruptcy
Sprache Dokument Englisch
Publikationsjahr 2008
Seitenangabe S. 625-640
Zeitschriftentitel Journal of Economic Behavior & Organization, 66 (2008) 3-4
DOI http://dx.doi.org/10.1016/j.jebo.2006.05.008
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)
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