CHAINED CREDIT CONTRACTS AND FINANCIAL ACCELERATORS

Naohisa Hirakata, Nao Sudo, Kozo Ueda

研究成果: Article査読

4 被引用数 (Scopus)

抄録

Sufficiently high net worth of financial intermediaries (FIs) is considered a necessary condition for financial and macroeconomic stability. In this paper, we explore why the net worth of FIs is important as compared to that of nonfinancial firms using a dynamic general equilibrium model, in which both FIs and nonfinancial firms rely on costly external debt. We find that an exogenous disruption of the FIs' net worth has a greater aggregate impact than does the same-sized disruption of the nonfinancial firms' net worth. The key reason is that the net worth of the FIs in the United States is small. (JEL E22, E44, G21).

本文言語English
ページ(範囲)565-579
ページ数15
ジャーナルEconomic Inquiry
55
1
DOI
出版ステータスPublished - 2017 1月 1

ASJC Scopus subject areas

  • ビジネス、管理および会計(全般)
  • 経済学、計量経済学

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