Journal
JOURNAL OF MACROECONOMICS
Volume 54, Issue -, Pages 410-423Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.jmacro.2017.07.005
Keywords
Schumpeterian growth; Access to credit; Monopolistic competition; Eastern europe
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We theoretically and empirically investigate the effects of access to credit on local growth using a Schumpeterian growth model and assuming monopolistic competition between differentiated products of the banking system. We show that access to credit exerts a positive effect on local economic growth. To validate the theoretical prediction we use data on firms and bank branches from 18 emerging European economies. (C) 2017 Elsevier Inc. All rights reserved.
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