Production and Consumption Credit in a Continuous-Time Model of the Circuit of Capital
This paper develops a formal, continuous-time model of accumulation, credit, and its allocation between production and consumption loans based on Marxs circuit of capital. If accumulation is chiefly constrained by its own ability to generate demand flows permitting the realisation of profits, all credit allocations are shown to be equally growth enhancing. But consumption credit is shown to affect adversely a series of productive, credit-risk and monetary constraints bearing upon the extension of credit. As a result, systems with higher allocations of consumption credit will generally experience a combination of lower rates of accumulation and higher levels of financial risk.
Credit Allocation Finance and Growth Marxian Analysis
Paulo L dos Santos
Department of Economics, School of Oriental and African Studies
国际会议
北京
英文
330-358
2010-11-01（万方平台首次上网日期，不代表论文的发表时间）