| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7446 |
| 来源ID | Working Paper 7446 |
| Financial Sector Inefficiencies and Coordinate Failures: Implications for Crisis Management | |
| Pierre-Richard Agenor; Joshua Aizenman | |
| 发表日期 | 1999-12-01 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the implication of inefficient financial intermediation for crisis management in a country where firms are highly-indebted. The analysis is based on a model in which firms rely on bank credit to finance their working capital needs and lenders face high state verification and enforcement costs of loan contracts. The analysis shows that higher contract enforcement and verification costs, lower expected productivity, or higher volatility, may shift the economy to the wrong side of the debt Laffer curve, with potentially sizable employment and output losses. The main implication of this analysis for the current policy debate on crisis management is East Asia is that dept reduction, in addition to debt rescheduling, may be required as part of the process of reducing financial sector inefficiencies. |
| 主题 | Macroeconomics ; Money and Interest Rates ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w7446 |
| 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/564985 |
| 推荐引用方式 GB/T 7714 | Pierre-Richard Agenor,Joshua Aizenman. Financial Sector Inefficiencies and Coordinate Failures: Implications for Crisis Management. 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 | ||
| w7446.pdf（219KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
