| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16031 |
| 来源ID | Working Paper 16031 |
| Self-Fulfilling Credit Market Freezes | |
| Lucian A. Bebchuk; Itay Goldstein | |
| 发表日期 | 2010-05-27 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper develops a model of a self-fulfilling credit market freeze and uses it to study alternative governmental responses to such a crisis. We study an economy in which operating firms are interdependent, with their success depending on the ability of other operating firms to obtain financing. In such an economy, an inefficient credit market freeze may arise in which banks abstain from lending to operating firms with good projects because of their self-fulfilling expectations that other banks will not be making such loans. Our model enables us to study the effectiveness of alternative measures for getting an economy out of an inefficient credit market freeze. In particular, we study the effectiveness of interest rate cuts, infusion of capital into banks, direct lending to operating firms by the government, and the provision of government capital or guarantees to finance or encourage privately managed lending. Our analysis provides a framework for analyzing and evaluating the standard and nonstandard instruments used by authorities during the financial crisis of 2008-2009. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Fiscal Policy ; Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w16031 |
| 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/573706 |
| 推荐引用方式 GB/T 7714 | Lucian A. Bebchuk,Itay Goldstein. Self-Fulfilling Credit Market Freezes. 2010. |
| 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 | ||
| w16031.pdf（241KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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