| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP9902
|
| DP9902 Managing Credit Bubbles |
| Jaume Ventura; Alberto Martin
|
| 发表日期 | 2014-03-23
|
| 出版年 | 2014
|
| 语种 | 英语
|
| 摘要 | We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output are too low. In this environment, changes in investor sentiment or market expectations can give rise to credit bubbles, that is, expansions in credit that are backed not by expectations of future profits (i.e. fundamental collateral), but instead by expectations of future credit (i.e. bubbly collateral). During a credit bubble, there is more credit available for entrepreneurs: this is the crowding-in effect. But entrepreneurs must also use some of this credit to cancel past credit: this is the crowding-out effect. There is an "optimal" bubble size that trades of these two effects and maximizes long-run output and consumption.
The "equilibrium" bubble size depends on investor sentiment, however, and it typically does not coincide with the "optimal" bubble size. This provides a new rationale for macroprudential policy. A lender of last resort can replicate the "optimal" bubble by taxing credit when the "equilibrium" bubble is too high, and subsidizing credit when the "equilibrium" bubble is too low. This leaning-against-the-wind policy maximizes output and consumption. Moreover, the same conditions that make this policy desirable guarantee that a lender of last resort has the resources to implement it. |
| 主题 | Financial Economics
; International Macroeconomics
|
| 关键词 | Bubbles
Business cycles
Credit
Economic growth
Financial frictions
Pyramid schemes
|
| URL | https://cepr.org/publications/dp9902
|
| 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/538736
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推荐引用方式
GB/T 7714 |
Jaume Ventura,Alberto Martin. DP9902 Managing Credit Bubbles. 2014.
|
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