| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11623 |
| DP11623 Multiple Equilibria in Open Economy Models with Collateral Constraints: Overborrowing Revisited | |
| Stephanie Schmitt-Grohé; Martín Uribe | |
| 发表日期 | 2016-11-10 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper establishes the existence of multiple equilibria in infinite-horizon open-economy models in which the value of tradable and nontradable endowments serves as collateral. In this environment, the economy displays self-fulfilling financial crises in which pessimistic views about the value of collateral induces agents to deleverage. The paper shows that under plausible calibrations, there exist equilibria with underborrowing. This result stands in contrast to the overborrowing result stressed in the related literature. Underborrowing emerges in the present context because in economies that are prone to self-fulfilling financial crises, individual agents engage in excessive precautionary savings as a way to self-insure. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Pecuniary externalities Collateral constraints Overborrowing Underborrowing Financial crises Capital controls |
| URL | https://cepr.org/publications/dp11623 |
| 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/540437 |
| 推荐引用方式 GB/T 7714 | Stephanie Schmitt-Grohé,Martín Uribe. DP11623 Multiple Equilibria in Open Economy Models with Collateral Constraints: Overborrowing Revisited. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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