| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7872 |
| DP7872 Revisiting Overborrowing and its Policy Implications | |
| Alessandro Rebucci; Gianluca Benigno; Christopher Otrok; Huigang Chen; Eric Young | |
| 发表日期 | 2010-06-01 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper analyzes quantitatively the extent to which there is overborrowing (i.e., inefficient borrowing) in a business cycle model for emerging market economies with production and an occasionally binding credit constraint. The main finding of the analysis is that overborrowing is not a robust feature of this class of model economies: it depends on the structure of the economy and its parametrization. Specifically, we find underborrowing in a production economy with our baseline calibration, but overborrowing with more impatient agents and more volatile shocks. Endowment economies display overborrowing regardless of parameter values, but they do not allow for policy intervention when the constraint binds (in crisis times). Quantitatively, the welfare gains from implementing the constrained-efficient allocation are always larger near crisis times than in normal ones. In production economies, they are one order of magnitude larger than in endowment economies both in crisis and normal times. This suggests that the scope for economy-wide macro-prudential policy interventions (e.g. prudential taxation of capital flows and capital controls) is weak in this class of models. |
| 主题 | International Macroeconomics |
| 关键词 | Bailouts Financial frictions Macro prudential policies Overborrowing |
| URL | https://cepr.org/publications/dp7872 |
| 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/536709 |
| 推荐引用方式 GB/T 7714 | Alessandro Rebucci,Gianluca Benigno,Christopher Otrok,et al. DP7872 Revisiting Overborrowing and its Policy Implications. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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