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 |
| 巻 | 55 |
| 号 | 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