| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12656 |
| 来源ID | Working Paper 12656 |
| Bankruptcy and Collateral in Debt Constrained Markets | |
| Timothy J. Kehoe; David K. Levine | |
| 发表日期 | 2006-10-31 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Typical models of bankruptcy and collateral rely on incomplete asset markets. In fact, bankruptcy and collateral add contingencies to asset markets. In some models, these contingencies can be used by consumers to achieve the same equilibrium allocations as in models with complete markets. In particular, the equilibrium allocation in the debt constrained model of Kehoe and Levine (2001) can be implemented in a model with bankruptcy and collateral. The equilibrium allocation is constrained efficient. Bankruptcy occurs when consumers receive low income shocks. The implementation of the debt constrained allocation in a model with bankruptcy and collateral is fragile in the sense of Leijonhufvud's "corridor of stability," however: If the environment changes, the equilibrium allocation is no longer constrained efficient. |
| 主题 | Microeconomics ; General Equilibrium ; Welfare and Collective Choice ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w12656 |
| 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/570318 |
| 推荐引用方式 GB/T 7714 | Timothy J. Kehoe,David K. Levine. Bankruptcy and Collateral in Debt Constrained Markets. 2006. |
| 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 | ||
| w12656.pdf（170KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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