Minskyan model with credit rationing in a network economy

Autores
Noguera, Deborah; Montes-Rojas, Gabriel
Año de publicación
2023
Idioma
inglés
Tipo de recurso
artículo
Estado
versión publicada
Descripción
The global financial crisis of 2007/2008 has shown the importance of modeling economic agents not in isolation but as interconnected and interactive components of dynamically evolving systems. Within this framework, the field of complex systems for the study of economic dynamics has been the object of renewed interest. This paper is based on Minsky's Financial Instability Hypothesis and on the literature of Agent-Based Models to analyze a bank credit market where heterogeneous firms and banks interact following game theory rules. The objective is twofold: (1) to evaluate the influence of bank behavior on the formation of the credit network and the spread of financial difficulties in an agent-based model; and, (2) to analyze the properties of the emerging credit network and its influence on macroeconomic performance. Our simulations suggest that aggregate economic instability may arise as a result of the liquidity preference behavior of banks that restrict credit to the productive sector when they have pessimistic expectations.
Fil: Noguera, Deborah. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.
Fuente
SN Business & Economics, 3(75). (2023)
ISSN 2662-9399
Materia
Economía
Computational economics
Agent-based models
Financial instability and fragility
Credit networks
Banks behavior
Nivel de accesibilidad
acceso abierto
Condiciones de uso
https://creativecommons.org/licenses/by-nc-sa/4.0/
Repositorio
Memoria Académica (UNLP-FAHCE)
Institución
Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación
OAI Identificador
oai:memoria.fahce.unlp.edu.ar:snrd:Jpr15581

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network_name_str Memoria Académica (UNLP-FAHCE)
spelling Minskyan model with credit rationing in a network economyNoguera, DeborahMontes-Rojas, GabrielEconomíaComputational economicsAgent-based modelsFinancial instability and fragilityCredit networksBanks behaviorThe global financial crisis of 2007/2008 has shown the importance of modeling economic agents not in isolation but as interconnected and interactive components of dynamically evolving systems. Within this framework, the field of complex systems for the study of economic dynamics has been the object of renewed interest. This paper is based on Minsky's Financial Instability Hypothesis and on the literature of Agent-Based Models to analyze a bank credit market where heterogeneous firms and banks interact following game theory rules. The objective is twofold: (1) to evaluate the influence of bank behavior on the formation of the credit network and the spread of financial difficulties in an agent-based model; and, (2) to analyze the properties of the emerging credit network and its influence on macroeconomic performance. Our simulations suggest that aggregate economic instability may arise as a result of the liquidity preference behavior of banks that restrict credit to the productive sector when they have pessimistic expectations.Fil: Noguera, Deborah. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.2023info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdfhttps://www.memoria.fahce.unlp.edu.ar/art_revistas/pr.15581/pr.15581.pdfSN Business & Economics, 3(75). (2023)ISSN 2662-9399reponame:Memoria Académica (UNLP-FAHCE)instname:Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educacióninstacron:UNLPenginfo:eu-repo/semantics/altIdentifier/doi/10.1007/s43546-023-00446-zinfo:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-sa/4.0/2025-09-29T11:55:00Zoai:memoria.fahce.unlp.edu.ar:snrd:Jpr15581Institucionalhttps://www.memoria.fahce.unlp.edu.ar/Universidad públicahttps://www.fahce.unlp.edu.ar/https://www.memoria.fahce.unlp.edu.ar/oaiserver.cgimemoria@fahce.unlp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:13412025-09-29 11:55:01.302Memoria Académica (UNLP-FAHCE) - Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educaciónfalse
dc.title.none.fl_str_mv Minskyan model with credit rationing in a network economy
title Minskyan model with credit rationing in a network economy
spellingShingle Minskyan model with credit rationing in a network economy
Noguera, Deborah
Economía
Computational economics
Agent-based models
Financial instability and fragility
Credit networks
Banks behavior
title_short Minskyan model with credit rationing in a network economy
title_full Minskyan model with credit rationing in a network economy
title_fullStr Minskyan model with credit rationing in a network economy
title_full_unstemmed Minskyan model with credit rationing in a network economy
title_sort Minskyan model with credit rationing in a network economy
dc.creator.none.fl_str_mv Noguera, Deborah
Montes-Rojas, Gabriel
author Noguera, Deborah
author_facet Noguera, Deborah
Montes-Rojas, Gabriel
author_role author
author2 Montes-Rojas, Gabriel
author2_role author
dc.subject.none.fl_str_mv Economía
Computational economics
Agent-based models
Financial instability and fragility
Credit networks
Banks behavior
topic Economía
Computational economics
Agent-based models
Financial instability and fragility
Credit networks
Banks behavior
dc.description.none.fl_txt_mv The global financial crisis of 2007/2008 has shown the importance of modeling economic agents not in isolation but as interconnected and interactive components of dynamically evolving systems. Within this framework, the field of complex systems for the study of economic dynamics has been the object of renewed interest. This paper is based on Minsky's Financial Instability Hypothesis and on the literature of Agent-Based Models to analyze a bank credit market where heterogeneous firms and banks interact following game theory rules. The objective is twofold: (1) to evaluate the influence of bank behavior on the formation of the credit network and the spread of financial difficulties in an agent-based model; and, (2) to analyze the properties of the emerging credit network and its influence on macroeconomic performance. Our simulations suggest that aggregate economic instability may arise as a result of the liquidity preference behavior of banks that restrict credit to the productive sector when they have pessimistic expectations.
Fil: Noguera, Deborah. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.
description The global financial crisis of 2007/2008 has shown the importance of modeling economic agents not in isolation but as interconnected and interactive components of dynamically evolving systems. Within this framework, the field of complex systems for the study of economic dynamics has been the object of renewed interest. This paper is based on Minsky's Financial Instability Hypothesis and on the literature of Agent-Based Models to analyze a bank credit market where heterogeneous firms and banks interact following game theory rules. The objective is twofold: (1) to evaluate the influence of bank behavior on the formation of the credit network and the spread of financial difficulties in an agent-based model; and, (2) to analyze the properties of the emerging credit network and its influence on macroeconomic performance. Our simulations suggest that aggregate economic instability may arise as a result of the liquidity preference behavior of banks that restrict credit to the productive sector when they have pessimistic expectations.
publishDate 2023
dc.date.none.fl_str_mv 2023
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
http://purl.org/coar/resource_type/c_6501
info:ar-repo/semantics/articulo
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv https://www.memoria.fahce.unlp.edu.ar/art_revistas/pr.15581/pr.15581.pdf
url https://www.memoria.fahce.unlp.edu.ar/art_revistas/pr.15581/pr.15581.pdf
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/doi/10.1007/s43546-023-00446-z
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
https://creativecommons.org/licenses/by-nc-sa/4.0/
eu_rights_str_mv openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by-nc-sa/4.0/
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv SN Business & Economics, 3(75). (2023)
ISSN 2662-9399
reponame:Memoria Académica (UNLP-FAHCE)
instname:Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación
instacron:UNLP
reponame_str Memoria Académica (UNLP-FAHCE)
collection Memoria Académica (UNLP-FAHCE)
instname_str Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación
instacron_str UNLP
institution UNLP
repository.name.fl_str_mv Memoria Académica (UNLP-FAHCE) - Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación
repository.mail.fl_str_mv memoria@fahce.unlp.edu.ar
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