| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7453 |
| DP7453 Equilibrium Prices in the Presence of Delegated Portfolio Management | |
| Domenico Cuoco; Ron Kaniel | |
| 发表日期 | 2009-09-23 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | An iconic model with high leverage and overvalued collateral assets is used to illustrate the amplification mechanism driving asset prices to ?overshoot? equilibrium when an asset bubble bursts - threatening widespread insolvency and what Richard Koo calls a ?balance sheet recession?. Besides interest rates cuts, asset purchases and capital restructuring are key to crisis resolution. The usual bankruptcy procedures for doing this fail to internalise the price effects of asset ?fire-sales? to pay down debts, however. We discuss how official intervention in the form of ?super? Chapter 11 actions can help prevent asset price correction causing widespread economic disruption. |
| 主题 | International Macroeconomics |
| 关键词 | Asset bubbles Credit constraints Insolvency Interest rates Leverage Restructuring |
| URL | https://cepr.org/publications/dp7453 |
| 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/536304 |
| 推荐引用方式 GB/T 7714 | Domenico Cuoco,Ron Kaniel. DP7453 Equilibrium Prices in the Presence of Delegated Portfolio Management. 2009. |
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