| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP12461
|
| DP12461 Macroeconomic Implications of Financial Imperfections: A Survey |
| M. Ayhan Kose; Stijn Claessens
|
| 发表日期 | 2017-11-23
|
| 出版年 | 2017
|
| 语种 | 英语
|
| 摘要 | This paper surveys the theoretical and empirical literature on the macroeconomic implications of financial imperfections. It focuses on two major channels through which financial imperfections can affect macroeconomic outcomes. The first channel, which operates through the demand side of finance and is captured by financial accelerator-type mechanisms, describes how changes in borrowers’ balance sheets can affect their access to finance and thereby amplify and propagate economic and financial shocks. The second channel, which is associated with the supply side of finance, emphasizes the implications of changes in financial intermediaries’ balance sheets for the supply of credit, liquidity and asset prices, and, consequently, for macroeconomic outcomes. These channels have been shown to be important in explaining the linkages between the real economy and the financial sector. That said, many questions remain. |
| 主题 | International Macroeconomics and Finance
|
| 关键词 | Financial accelerator
Macro-financial linkages
Real-financial linkages
|
| URL | https://cepr.org/publications/dp12461
|
| 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/541272
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推荐引用方式
GB/T 7714 |
M. Ayhan Kose,Stijn Claessens. DP12461 Macroeconomic Implications of Financial Imperfections: A Survey. 2017.
|
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