| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7057 |
| 来源ID | Working Paper 7057 |
| Liquidity Flows and Fragility of Business Enterprises | |
| Wouter den Haan; Garey Ramey; Joel Watson | |
| 发表日期 | 1999-03-01 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | This paper considers the efficiency of financial intermediation and the propagation of business cycle shocks in a model of long-term relationships between entrepreneurs and lenders lenders may be constrained in their short-run access to liquidity. When liquidity is low, relationships are subject to breakups that lead to loss of joint surplus. Liquidity outflows cause damage to financial structure by breaking up relationships, and damage persists due to frictions in the formation of new relationships. Feedbacks between aggregate investment and the structure of intermediation greatly magnify the effects of shocks. For large shocks, financial collapse may become inescapable in the absence of external intervention. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w7057 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564578 |
| 推荐引用方式 GB/T 7714 | Wouter den Haan,Garey Ramey,Joel Watson. Liquidity Flows and Fragility of Business Enterprises. 1999. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7057.pdf（393KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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