Replication data for: Credit Constraints and Growth in a Global Economy
Principal Investigator(s): View help for Principal Investigator(s) Nicolas Coeurdacier; Stéphane Guibaud; Keyu Jin
Version: View help for Version V1
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Project Citation:
Coeurdacier, Nicolas, Guibaud, Stéphane, and Jin, Keyu. Replication data for: Credit Constraints and Growth in a Global Economy. Nashville, TN: American Economic Association [publisher], 2015. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E112919V1
Project Description
Summary:
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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. (JEL E21, E22, F21, F32, F41, O16, P24)
Scope of Project
JEL Classification:
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E21 Macroeconomics: Consumption; Saving; Wealth
E22 Investment; Capital; Intangible Capital; Capacity
F21 International Investment; Long-term Capital Movements
F32 Current Account Adjustment; Short-term Capital Movements
F41 Open Economy Macroeconomics
O16 Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
P24 Socialist Systems and Transitional Economies: National Income, Product, and Expenditure; Money; Inflation
E21 Macroeconomics: Consumption; Saving; Wealth
E22 Investment; Capital; Intangible Capital; Capacity
F21 International Investment; Long-term Capital Movements
F32 Current Account Adjustment; Short-term Capital Movements
F41 Open Economy Macroeconomics
O16 Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
P24 Socialist Systems and Transitional Economies: National Income, Product, and Expenditure; Money; Inflation
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