Journal
JOURNAL OF ECONOMICS
Volume 97, Issue 1, Pages 41-65Publisher
SPRINGER WIEN
DOI: 10.1007/s00712-008-0057-4
Keywords
Asymmetric information; Credit rationing; Financial development; Economic growth
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Using different indicators of financial development, recent empirical studies have discovered various patterns of nonlinearity in the relationship between financial development and economic growth. By adding consumption loans, which are nonproductive, into a standard model of asymmetric information, this paper generates a model that is able to replicate all possible nonlinear finance-growth relationships found in recent empirical studies.
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