000130685 001__ 130685 000130685 005__ 20240130150402.0 000130685 0247_ $$2doi$$a10.1111/meca.12281 000130685 0248_ $$2sideral$$a117782 000130685 037__ $$aART-2020-117782 000130685 041__ $$aeng 000130685 100__ $$0(orcid)0000-0003-3766-9157$$aAlmudi, Isabel$$uUniversidad de Zaragoza 000130685 245__ $$aAn evolutionary growth model with banking activity 000130685 260__ $$c2020 000130685 5060_ $$aAccess copy available to the general public$$fUnrestricted 000130685 5203_ $$aIn this paper, we propose an evolutionary growth model in which an innovative production sector interacts with a simplified banking sector. We explore the relationships between long-term sources of growth (technological change) and short-term/mid-term factors (such as price dynamics and interest rates). The model suggests new explanations for the endogenous emergence of sharp crises with profound effects in the long run. An interesting aspect of the model is that these crises appear in a strictly private economy, in which everything produced is sold, and there are neither government distortions nor exogenous shocks. The crises emerge from the interactions between uneven innovation rates and market reactivity. In fact, high reactivity in financial markets can amplify the (initially small) effects of innovative competition, leading to a destabilization of economic growth. Drawing on the results of the model we suggest some policy implications. 000130685 536__ $$9info:eu-repo/grantAgreement/ES/DGA-FEDER/S40-17R$$9info:eu-repo/grantAgreement/ES/MICINN/ECO2016-74940-P 000130685 540__ $$9info:eu-repo/semantics/openAccess$$aAll rights reserved$$uhttp://www.europeana.eu/rights/rr-f/ 000130685 590__ $$a1.617$$b2020 000130685 591__ $$aECONOMICS$$b227 / 375 = 0.605$$c2020$$dQ3$$eT2 000130685 592__ $$a1.256$$b2020 000130685 593__ $$aEconomics and Econometrics$$c2020$$dQ1 000130685 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/acceptedVersion 000130685 700__ $$0(orcid)0000-0002-1246-6751$$aFatas-Villafranca, Francisco$$uUniversidad de Zaragoza 000130685 700__ $$0(orcid)0000-0001-6267-990X$$aJarne, Gloria$$uUniversidad de Zaragoza 000130685 700__ $$0(orcid)0000-0001-9521-4156$$aSanchez-Choliz, Julio$$uUniversidad de Zaragoza 000130685 7102_ $$14000$$2415$$aUniversidad de Zaragoza$$bDpto. Análisis Económico$$cÁrea Fund. Análisis Económico 000130685 773__ $$g71, 2 (2020), 392-430$$pMetroeconomica$$tMetroeconomica$$x0026-1386 000130685 8564_ $$s1152444$$uhttps://zaguan.unizar.es/record/130685/files/texto_completo.pdf$$yPostprint 000130685 8564_ $$s955618$$uhttps://zaguan.unizar.es/record/130685/files/texto_completo.jpg?subformat=icon$$xicon$$yPostprint 000130685 909CO $$ooai:zaguan.unizar.es:130685$$particulos$$pdriver 000130685 951__ $$a2024-01-30-14:07:48 000130685 980__ $$aARTICLE