TY  - JOUR
A1  - Clemens, Christiane
A1  - Heinemann, Maik
T1  - The effects of international financial integration in a model with heterogeneous firms and credit frictions
JF  - Macroeconomic Dynamics
N2  - This paper examines the consequences of international financial integration in a two-sector standard incomplete markets model with occupational choice under risk and financial constraints affecting entrepreneurial activity. We endogenize international productivity differences and discuss the implications of international integration for the macroeconomy, inequality, and welfare. Lending countries are characterized by tighter domestic constraints and experience an increase in gross national product, whereas the gross domestic product effect is ambiguous. We conclude that international integration is beneficial only for economies where there are substantial financial constraints on entrepreneurial activity. Otherwise, a majority of households suffer, due to the unequal distribution of welfare gains and losses across the heterogeneous population.
KW  - Financial Constraints
KW  - International Capital Flows
KW  - Heterogeneous Agents
KW  - Occupational Choice
Y1  - 2018
U6  - https://doi.org/10.1017/S1365100517000979
SN  - 1365-1005
SN  - 1469-8056
VL  - 23
IS  - 7
SP  - 2815
EP  - 2844
PB  - Cambridge Univ. Press
CY  - New York
ER  - 
TY  - JOUR
A1  - Heinemann, Maik
T1  - Zyklische Phänomene in der Ökonomie - Ein Einblick in dei Theorie und Empirie konjunktureller Schwankungen
JF  - Zyklizität & Rhythmik: eine multidisziplinäre Vorlesungsreihe
Y1  - 2020
SN  - 978-3-86464-169-5
SP  - 47
EP  - 69
PB  - trafo
CY  - Berlin
ER  - 
TY  - CHAP
A1  - Heinemann, Maik
ED  - Hummel, Detlev
T1  - Geleitwort
T2  - EU's connectivity in times of Eurasian Dynamics : challenges for banking and finance
Y1  - 2020
SN  - 978-3-947802-44-9
SP  - 10
EP  - 11
PB  - WeltTrends
CY  - Potsdam
ER  - 
TY  - JOUR
A1  - Clemens, Christiane
A1  - Heinemann, Maik
T1  - Endogenous growth and wealth inequality under incomplete markets and idiosyncratic risk
JF  - Journal of macroeconomics
N2  - This paper describes the equilibrium properties and dynamics of a model which combines the key features of the standard incomplete market model (Aiyagari, 1994) with a standard endogenous growth mechanism to gain a deeper understanding of the feedback effects between growth and wealth inequality in the presence of credit frictions and idiosyncratic risk. We characterize growth equilibria and find that a balanced growth path not necessarily exists if households are subject to ad hoc borrowing constraints. Growth, inequality, and risk are positively related in our model, but we also identify a hump-shaped relationship between welfare and risk, indicating a tradeoff relationship between risk-pooling and growth in the determination of welfare. The growth rate responds to changes in the wealth distribution and displays transitional dynamics towards the balanced growth path. (C) 2015 Elsevier Inc. All rights reserved.
KW  - Endogenous growth
KW  - Borrowing constraints
KW  - Wealth distribution
KW  - Idiosyncratic risk
KW  - Heterogeneous agents
Y1  - 2015
U6  - https://doi.org/10.1016/j.jmacro.2015.05.008
SN  - 0164-0704
SN  - 1873-152X
VL  - 45
SP  - 300
EP  - 317
PB  - Elsevier
CY  - Amsterdam
ER  -