| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2184 |
| DP2184 Information Sharing, Lending and Defaults: Cross-Country Evidence | |
| Marco Pagano; Tullio Jappelli | |
| 发表日期 | 1999-06-28 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | This paper presents a multiple-equilibrium model of the Asian financial crisis. The economy has Krugman-style over-investment caused by weak financial regulation and exacerbated by government guarantees. Following Dooley, the government only has a limited capacity or willingness to honour such guarantees. The model has a unique long-run equilibrium, with over-investment. But in the short run, in which the capital stock is fixed, it also has multiple equilibria. If lenders regard lending as low-risk, then it is. But if they regard lending as high-risk then the cost of honouring guarantees rises, making the lending high-risk and the risk premium self-justifying. We argue that this model usefully captures the ideas of panic and collapse which have been popularised in Sachs' discussions of the Asian crisis. |
| 主题 | International Macroeconomics |
| 关键词 | Asian economic crisis Financial crisis Multiple equilibrium Over-investment |
| URL | https://cepr.org/publications/dp2184 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531290 |
| 推荐引用方式 GB/T 7714 | Marco Pagano,Tullio Jappelli. DP2184 Information Sharing, Lending and Defaults: Cross-Country Evidence. 1999. |
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