| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14838 |
| DP14838 Firm-bank linkages and optimal policies in a lockdown | |
| Anatoli Segura; Alonso Villacorta | |
| 发表日期 | 2020-06-01 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We develop a novel framework that features loss amplification through firm-bank linkages. We use it to study optimal intervention in a lockdown that creates cash shortfalls to firms, which must borrow from banks to avoid liquidation. Firms’ increase in debt reduces firms’ output due to moral hazard. Banks need safe collateral to raise funds. Without intervention, aggregate risk constrains bank lending, increasing its cost and amplifying output losses. Optimal government support must provide sufficient aggregate risk insurance, and can be implemented with transfers to firms and fairly-priced guarantees on banks’ debt. Non-priced bank debt guarantees and loan guarantees are suboptimal. |
| 主题 | Financial Economics |
| 关键词 | Covid-19 Liquidity Firm's leverage Financial intermediation Government interventions |
| URL | https://cepr.org/publications/dp14838-0 |
| 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/543772 |
| 推荐引用方式 GB/T 7714 | Anatoli Segura,Alonso Villacorta. DP14838 Firm-bank linkages and optimal policies in a lockdown. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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