ダウンロード数: 137
タイトル: | A macroeconomic model of liquidity crises |
著者: | Kobayashi, Keiichiro Nakajima, Tomoyuki |
キーワード: | Debt overhang liquidity working capital systemic crisis |
発行日: | Aug-2013 |
出版者: | Institute of Economic Research, Kyoto University |
誌名: | KIER Discussion Paper |
巻: | 876 |
抄録: | We develop a simple macroeconomic model that captures key features of a liquidity crisis. During a crisis, the supply of short-term loans vanishes, the interest rate rises sharply, and the level of economic activity declines. A crisis may be caused either by self-fulfilling beliefs or by fundamental shocks. It occurs as a result of market failure due to debt overhang in short-term loans. The government's commitment to deposit guarantee reduces the likelihood of self-fulfilling crisis but increases that of fundamental crisis. |
URI: | http://hdl.handle.net/2433/177373 |
出現コレクション: | KIER Discussion Paper (英文版) |
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