| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8131 |
| DP8131 International Capital Flows and Credit Market Imperfections: A Tale of Two Frictions | |
| Alberto Martin; Filippo Taddei | |
| 发表日期 | 2010-12-01 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | The financial crisis of 2007-08 has underscored the importance of adverse selection in financial markets. This friction has been mostly neglected by macroeconomic models of financial frictions, however, which have focused almost exclusively on the effects of limited pledgeability. In this paper, we fill this gap by developing a standard growth model with adverse selection. Our main results are that, by fostering unproductive investment, adverse selection: (i) leads to an increase in the economy?s equilibrium interest rate, and; (ii) it enerates a negative wedge between the marginal return to investment and the equilibrium interest rate. Under financial integration, we show how this translates into excessive capital inflows and endogenous cycles. We also explore how these results change when limited pledgeability is added to the model. We conclude that both frictions complement one another and argue that limited pledgeability exacerbates the effects of adverse selection |
| 主题 | International Macroeconomics |
| 关键词 | Adverse selection Credit market imperfections International capital flows Limited pledgeability |
| URL | https://cepr.org/publications/dp8131 |
| 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/536968 |
| 推荐引用方式 GB/T 7714 | Alberto Martin,Filippo Taddei. DP8131 International Capital Flows and Credit Market Imperfections: A Tale of Two Frictions. 2010. |
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