Skip to Main content Skip to Navigation
Journal articles

Credit Constraints and Growth in a Global Economy

Abstract : We show that in an open-economy OLG model, the interaction between growth differentials and household credit constraints—more severe in fast-growing countries—can explain three prominent global trends: a divergence in private saving rates between advanced and emerging economies, large net capital outflows from the latter, and a sustained decline in the world interest rate. Micro-level evidence on the evolution of age-saving profiles in the US and China corroborates our mechanism. Quantitatively, our model explains about a third of the divergence in aggregate saving rates, and a significant portion of the variations in age-saving profiles across countries and over time.
Document type :
Journal articles
Complete list of metadata
Contributor : Spire Sciences Po Institutional Repository Connect in order to contact the contributor
Submitted on : Thursday, October 21, 2021 - 9:19:48 PM
Last modification on : Monday, March 21, 2022 - 2:50:37 PM
Long-term archiving on: : Saturday, January 22, 2022 - 8:58:52 PM


Explicit agreement for this submission




Nicolas Coeurdacier, Stéphane Guibaud, Keyu Jin. Credit Constraints and Growth in a Global Economy. American Economic Review, American Economic Association, 2015, 105 (9), pp.2838 - 2881. ⟨10.1257/aer.20130549⟩. ⟨hal-03392968⟩



Record views


Files downloads