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Jeudi 8 Mars 2012

Nicolas COEURDACIER (Sciences Po and CEPR) présentera une communication :

"Credit Constraints and Growth in a Global Economty"
(avec Stéphane Guibaud et Keyu Jin (LSE)
de 14 h à 15 h 30 en Salle S016 à l'INSEE-CREST, 15 Boulevard Gabriel Péri, 92245 MALAKOFF (Métro : Malakoff/Plateau de Vanves (Immeuble "Malakoff 2)).

Abstract :

In a period of rapid integration and accelerated growth in emerging markets, three striking trends have been (1) a divergence in the private saving rates of emerging markets and advanced economies, (2) large net capital outflows from emerging markets, and (3) a sustained decline in the world interest rate. This paper shows that a multi-country general-equilibrium model with household liquidity constraints—more severe in emerging markets— is able to account for all of the above facts. It focuses on explaining both the levels and the time series behavior of savings rate across countries, providing a theory on why saving rate responses to the common world interest rate can be markedly different across economies.