| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25079 |
| 来源ID | Working Paper 25079 |
| Why Does Credit Growth Crowd Out Real Economic Growth? | |
| Stephen G. Cecchetti; Enisse Kharroubi | |
| 发表日期 | 2018-09-24 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We examine the negative relationship between the rate of growth in credit and the rate of growth in output per worker. Using a panel of 20 countries over 25 years, we establish that there is a robust correlation: the higher the growth rate of credit, the lower the growth rate of output per worker. We then proceed to build a model in which this relationship arises from the fact that investment projects that are more risky have a higher return. As their borrowing grows more quickly over time, entrepreneurs turn to safer, hence lower return projects, thereby reducing aggregate productivity growth. We take this theoretical prediction to industry-level data and find that credit growth disproportionately harms output per worker growth in industries that have either less tangible assets or are more R&D intensive. |
| 主题 | Microeconomics ; Behavioral Economics ; Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Development and Growth ; Growth and Productivity |
| URL | https://www.nber.org/papers/w25079 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582752 |
| 推荐引用方式 GB/T 7714 | Stephen G. Cecchetti,Enisse Kharroubi. Why Does Credit Growth Crowd Out Real Economic Growth?. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25079.pdf（587KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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