Borrowing constraints, financial development and the aggregate savings: Theory and evidence

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE Emerging Markets Review Pub Date : 2025-03-29 DOI:10.1016/j.ememar.2025.101282

Pengfei Wang , Lifang Xu , Zhiwei Xu

引用次数: 0

Abstract

In most countries, both firms and households face borrowing constraints. Based on this fact, the paper builds a dynamic general equilibrium model with borrowing constraints on both households and firms. The model implies that the relationship between financial development and the saving rate is non-monotonic. The paper also provides some empirical evidence that supports this prediction. This non-monotonic relationship has several important implications.

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借贷约束、金融发展与总储蓄：理论与证据

在大多数国家，企业和家庭都面临借贷限制。在此基础上，本文建立了一个家庭和企业都有借款约束的动态一般均衡模型。该模型表明，金融发展与储蓄率之间的关系是非单调的。本文还提供了一些实证证据来支持这一预测。这种非单调关系有几个重要的含义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.