130685 20240130150402.0 doi 10.1111/meca.12281 sideral 117782 ART-2020-117782 eng Almudi, Isabel Universidad de Zaragoza (orcid)0000-0003-3766-9157 An evolutionary growth model with banking activity 2020 In 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. Access copy available to the general public Unrestricted info:eu-repo/grantAgreement/ES/DGA-FEDER/S40-17R info:eu-repo/grantAgreement/ES/MICINN/ECO2016-74940-P info:eu-repo/semantics/openAccess All rights reserved http://www.europeana.eu/rights/rr-f/ 1.617 2020 ECONOMICS 227 / 375 = 0.605 2020 Q3 T2 1.256 2020 Economics and Econometrics 2020 Q1 info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion Fatas-Villafranca, Francisco Universidad de Zaragoza (orcid)0000-0002-1246-6751 Jarne, Gloria Universidad de Zaragoza (orcid)0000-0001-6267-990X Sanchez-Choliz, Julio Universidad de Zaragoza (orcid)0000-0001-9521-4156 4000 415 Universidad de Zaragoza Dpto. Análisis Económico Área Fund. Análisis Económico 71, 2 (2020), 392-430 Metroeconomica Metroeconomica 0026-1386 1152444 http://zaguan.unizar.es/record/130685/files/texto_completo.pdf Postprint 955618 http://zaguan.unizar.es/record/130685/files/texto_completo.jpg?subformat=icon icon Postprint oai:zaguan.unizar.es:130685 articulos driver 2024-01-30-14:07:48 ARTICLE