Liquidity Constraints and Business Cycles in Developing Economies

Review of Economic Dynamics

Volumn 2, Issue 2, 1999, Pages 370-402

  Carmichæl, Benoît ^a   Kéita, Sikoro ^b   Samson, Lucie ^a  

^a UNIVERSITÉ LAVAL   (Canada)

^b USAID/MALI Results Center   (Mali)

Author keywords

Business cycles; Developing economy; Financial constraints

Indexed keywords

EID: 0006834770     PISSN: 10942025     EISSN: None     Source Type: Journal    
DOI: 10.1006/redy.1998.0054     Document Type: Article

References (32)

1. Black R., Rose D. Canadian Policy Analysis Model: Cpam. Working Papers Series. 1997;Bank of Canada.
2. Blanchard O. J. Debt, Deficits and Finite Horizons. Journal of Political Economy. 93:1985;223-247.
3. Campbell J. Y., Mankiw N. G. Consumption, Income and Interest Rates: Reinterpreting the Time Series Evidence. NBER Macroeconomics Annual. 1989;The MIT Press, Cambridge. p. 185-216.
4. Cardia E. The Dynamics of a Small Open Economy in Response to Monetary, Fiscal, and Productivity Shocks. Journal of Monetary Economics. 28:1991;411-434.
5. Correia I., Neves J. C., Rebelo S. Business Cycles in a Small Open Economy. European Economic Review. 39:1995;1095-1119.
6. Danthine J.-P., Donaldson J. B. Efficiency Wages and the Business Cycle Puzzle. European Economic Review. 34:1990;1275-1301.
7. Danthine J.-P., Donaldson J. B. The Equity Premium and the Allocation of Income Risks. Journal of Economic Dynamics and Control. 16:1992;509-532.
8. Danthine J.-P., Donaldson J. B. Methodological and Empirical Issues in Real Business Cycle Theory. European Economic Review. 37:1993;1-35.
9. Gagnon J. E. Solving the Stochastic Growth Model by Deterministic Extended Path. Journal of Business and Economic Statistics. 8:1990;35-36.
10. Gould J. P. Adjustment Costs in the Theory of Investment of the Firm. Review of Economic Studies. 35:1968;47-56.
11. Greenwood J., Hercowitz Z., Huffman G. Investment, Capacity Utilization and the Real Business Cycle. American Economic Review. 78:1988;402-417.
12. Hayashi F. Tobin's Marginalqq. Econometrica. 50:1982;213-224.
13. Imrohoroglu A. Cost of Business Cycles with Indivisibilities and Liquidity Constraints. Journal of Political Economy. 97:1989;1364-1383.
14. International Monetary Fund, International Financial Statistics, Washington, International Monetary Fund.
15. Kouparitsas M. A. North-South Financial Integration and Business Cycles. Working Papers Series. 1996;Federal Reserve Bank of Chicago.
16. Kydland F. E., Prescott E. C. Time to Build and Aggregate Fluctuations. Econometrica. 50:1982;1345-1370.
17. Lucas R. E. Jr. Adjustment Costs and the Theory of Supply. Journal of Political Economy. 75:1967;321-334.
18. Lundvik P. Business Cycles in a Small Open Economy: Sweden 1871-1987. 1990;University of StockholmInstitute for International Economic Studies.
19. Macklem R. T. Terms-of-Trade Disturbances and Fiscal Policy in a Small Open Economy. Economic Journal. 103:1993;916-936.
20. Mendoza E. G. Real Business Cycles in a Small Open Economy. American Economic Review. 81:1991;797-818.
21. Mendoza E. G. The Effects of Macroeconomics Shocks in a Basic Equilibrium Framework. IMF Staff Papers. 39:1992;855-889.
22. Mendoza E. G. The Terms of Trade, Exchange Rate, and Economic Fluctuations. International Economic Review. 36:1995;101-137.
23. Obstfeld M. Aggregate Spending and the Terms of Trade: Is There a Laursen-Meltzler Effect? Quarterly Journal of Economics. 97:1982;251-270.
24. Ostry J. D., Reinhart C. M. Private Saving and Terms of Trade Shocks: Evidence from Developing Countries. IMF Staff Papers. 39:1992;495-517.
25. Prescott E. C. Theory Ahead of Business Cycle Measurement. Carnegie-Rochester Conference Series on Public Policy. 1986;. p. 11-44.
26. Rossi N. Government Spending, the Real Interest Rate, and the Behavior of Liquidity-Constrained Consumers in Developing Countries. IMF Staff Papers. 35:1988;104-140.
27. Senhadji A. S. Sources of Debt Accumulation in a Small Open Economy. 1997;International Monetary Fund.
28. Stockman A. C., Tesar L. Tastes and Technology in a Two-Country Model of the Business Cycle: Explaining International Comovements. American Economic Review. 85:1995;168-185.
29. Summers L. H. Taxation and Corporate Investment: Aq. Brookings Papers on Economic Activity. 1:1981;67-140.
30. Taylor L. Foreign Resource Flows and Developing Country Growth: A Three-Gap Analysis. Problems of Developing Countries in the 1990s, Vol. I. World Bank Discussion Papers. 1990.
31. United Nations Conference on Trade and Development (UNCTAD), Handbook of International Trade and Development Statistics, New York, United Nations.
32. World Development Report. 1994;Oxford University Press, London.