Informality, financial development and macroeconomic volatility

Autor:	Shalini Mitra
Rok vydání:	2013
Předmět:	Macroeconomics Economics and Econometrics Volatility swap Working capital Dynamic stochastic general equilibrium Economics Tax evasion Financial development Volatility (finance) Finance
Zdroj:	Economics Letters. 120:454-457
ISSN:	0165-1765
Popis:	In a dynamic stochastic general equilibrium model with heterogeneous agents, this note shows that beyond a certain low level, financial development is associated with higher relative consumption–income volatility in the presence of a working capital constraint. Informality on the other hand lowers relative consumption volatility by weakening the working capital requirement channel of financial development.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::99708419ce5d622d1176907552233bcf https://doi.org/10.1016/j.econlet.2013.05.028 Zobrazit plný text záznamu Full Text from ScienceDirect