| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22324 |
| 来源ID | Working Paper 22324 |
| Financing Durable Assets | |
| Adriano A. Rampini | |
| 发表日期 | 2016-06-13 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper studies the effect of durability on the financing of durable assets. We show that more durable assets require larger down payments of internal funds per unit of capital making them harder to finance, because durability affects the price of an asset and hence the overall financing need more than its collateral value. This insight has implications for the choice between new and used capital, technology adoption, and the rent versus buy decision. Constrained borrowers purchase used assets which are less durable than new assets and adopt less durable, low quality assets, that are otherwise dominated technologies. More durable assets are more likely to be rented given their larger financing need. Legal enforcement affects trade and technology adoption; weak legal enforcement economies are net importers of used assets and invest a larger fraction in less durable, low quality assets. There is a critical distinction between the pledgeability and durability of assets: pledgeability facilitates financing whereas the net effect of durability is to impede financing. |
| 主题 | Microeconomics ; Households and Firms ; Behavioral Economics ; Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance ; Development and Growth ; Development |
| URL | https://www.nber.org/papers/w22324 |
| 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/579997 |
| 推荐引用方式 GB/T 7714 | Adriano A. Rampini. Financing Durable Assets. 2016. |
| 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 | ||
| w22324.pdf（385KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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