| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10339 |
| DP10339 International Credit Flows and Pecuniary Externalities | |
| Markus Brunnermeier; Yuliy Sannikov | |
| 发表日期 | 2015-01-11 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short-term credit flows can be excessive and reverse suddenly. The equilibrium outcome is constrained inefficient due to pecuniary externalities. First, an undercapitalized country borrows too much since each firm does not internalize that an increase in production capacity undermines their output price, worsening their terms of trade. From an ex-ante perspective each firm undermines the natural ?terms of trade hedge.? Second, sudden stops and fire sales lead to sharp price drops of illiquid capital. Capital controls or domestic macro-prudential measures that limit short-term borrowing can improve welfare. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Hot money International capital flows International credit flows Pecuniary externalities Sudden stops Terms of trade hedge |
| URL | https://cepr.org/publications/dp10339 |
| 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/539170 |
| 推荐引用方式 GB/T 7714 | Markus Brunnermeier,Yuliy Sannikov. DP10339 International Credit Flows and Pecuniary Externalities. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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