| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14222 |
| 来源ID | Working Paper 14222 |
| Liquidity Needs in Economies with Interconnected Financial Obligations | |
| Julio J. Rotemberg | |
| 发表日期 | 2008-08-14 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | A model is developed where firms in a financial system have to settle their debts to each other by using a liquid asset. The question that is studied is how many firms must obtain how much of this asset from outside the financial system to make sure that all debts within the system are settled. The main result is that these liquidity needs are larger when these firms are more interconnected through their debts, i.e. when they borrow from and lend to more firms. Two pecuniary externalities are discussed. One involves the choice of paying one creditor first rather than another. The second involves the extent to which firms borrow and acquire claims on other firms with the proceeds. When a group of firms raises their involvement in this activity, firms outside the group may face more difficulties in settling their debts. |
| 主题 | Microeconomics ; General Equilibrium ; Economics of Information ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w14222 |
| 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/571896 |
| 推荐引用方式 GB/T 7714 | Julio J. Rotemberg. Liquidity Needs in Economies with Interconnected Financial Obligations. 2008. |
| 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 | ||
| w14222.pdf（266KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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