Article ID Journal Published Year Pages File Type
5060170 Economics Letters 2012 4 Pages PDF
Abstract
► We introduce a bubbly asset into the Matsuyama (2007) model. ► We show that there can exist multiple bubbly steady states. ► Bubbles may prevent the adoption of high productivity technology. ► The economy may fall into underdevelopment traps.
Keywords
Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
Preview
Asset bubbles, credit market imperfections, and technology choice
Authors
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