Abstract This paper presents a model economy with endogenous credit constraints à la Kiyotaki-Moore and endogenous growth à la Uzawa-Lucas, in which agents face a trade-off between investing resources to improve the pledgeability of collateral assets and the accumulation of human capital. The model generates both growth miracles and stagnant economies.

中文翻译：

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抵押与发展

摘要本文提出了一种具有内生信贷约束（如Kiyotaki-Moore）和内生增长（如Uzawa-Lucas）的模型经济，其中代理商面临着在投资资源，以提高抵押资产的质押性和人力资本积累之间进行权衡的问题。该模型产生了增长奇迹和停滞的经济。