| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27149 |
| 来源ID | Working Paper 27149 |
| Systemic Credit Freezes in Financial Lending Networks | |
| Daron Acemoglu; Asuman Ozdaglar; James Siderius; Alireza Tahbaz-Salehi | |
| 发表日期 | 2020-05-18 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper develops a network model of interbank lending, in which banks decide to extend credit to their potential borrowers. Borrowers are subject to shocks that may force them to default on their loans. In contrast to much of the previous literature on financial networks, we focus on how anticipation of future defaults may result in ex ante “credit freezes,” whereby banks refuse to extend credit to one another. We first characterize the terms of the interbank contracts and the patterns of interbank lending that emerge in equilibrium. We then study how shifts in the distribution of shocks can result in complex credit freezes that travel throughout the network. We use this framework to analyze the effects of various policy interventions on systemic credit freezes. |
| 主题 | Microeconomics ; Economics of Information ; Financial Economics |
| URL | https://www.nber.org/papers/w27149 |
| 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/584822 |
| 推荐引用方式 GB/T 7714 | Daron Acemoglu,Asuman Ozdaglar,James Siderius,et al. Systemic Credit Freezes in Financial Lending Networks. 2020. |
| 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 | ||
| w27149.pdf（597KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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