| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10439 |
| DP10439 Taking Banks to Solow | |
| Jean Charles Rochet; Hans Gersbach; Martin Scheffel | |
| 发表日期 | 2015-02-22 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We develop a simple integration of banks into the Solow model. The objective is to provide a tractable benchmark for analyzing the long-term impact of crises on economic activities and growth. A fraction of firms have to rely on banks for financing their investments, while banks themselves face an endogenous leverage constraint. Informed lending by banks and uninformed lending through capital markets spur capital accumulation. The ensuing coupled accumulation rules for household wealth and bank equity yield a uniquely determined steady state. We highlight three properties when shocks to wealth, productivity or trust affect the economy. First, typically, bond and loan financing react in opposite directions to such shocks. Second, negative temporary shocks to household wealth (financial crisis) or negative sectoral production shocks can, surprisingly, cause persistent booms of banking and even of the entire economy ? after an initial bust. Third, shocks to bank equity (banking crisis), however, lead to large and persistent downturns associated with high output losses. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Economic activity and growth Financial intermediation Impact of banking and financial crises Solow model |
| URL | https://cepr.org/publications/dp10439 |
| 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/539270 |
| 推荐引用方式 GB/T 7714 | Jean Charles Rochet,Hans Gersbach,Martin Scheffel. DP10439 Taking Banks to Solow. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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