Some consequences of credit rationing in an endogenous growth model
构建了一个内生增长模型，其中所有投资都通过信贷融资，且贷款市场存在逆向选择问题，导致均衡时信贷配给内生出现。研究发现，信贷配给水平与实际增长率共同决定，技术进步或政府投资补贴可能因加剧信贷配从而降低增长。
An endogenous growth model is developed where all investment is financed via credit extension. There is also an adverse selection problem in loan markets, so that in equilibrium credit rationing arises endogenously. The result is that equilibrium levels of credit rationing and real growth rates are jointly determined. In this context several changes in the environment can have unusual consequences. For instance, improvements in the technology for producing capital can reduce growth, because of their adverse impacts on credit rationing. For similar reasons, various government investment subsidies can be growth-reducing. This phenomenon is often observed empirically.