Economic Growth with Bubbles

Català | Castellano

Ventura, Jaume. Economic Growth with Bubbles. 2005
http://hdl.handle.net/10230/1236

To cite or link this document: http://hdl.handle.net/10230/1236

Title:	Economic Growth with Bubbles
Author:	Ventura, Jaume
Other authors:	Universitat Pompeu Fabra. Departament d'Economia i Empresa
Abstract:	This paper presents a stylized model of economic growth with bubbles. This model views asset price bubbles as a market-generated device to moderate the effects of frictions in financial markets, improving the allocation of investments and raising the capital stock and welfare. The model illustrates various channels through which asset price bubbles affect the incentives for innovation and economic reforms, and therefore, the rate of economic growth. The model also offers a new perspective on the effects of financial development on asset price bubbles and economic growth.
Document type:	Working paper
Date:	2005
Rights:	Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i el departament i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús (http://creativecommons.org/licenses/by-nc-nd/2.5/es/)