Costly Collateral and the Public Supply of Liquidity /

This paper addresses two complications arising from the use of collateral requirements in debt contracts between wealth-constrained entrepreneurs and banks. First, costly asset liquidation is found to enhance the susceptibility of debt finance to interest rate volatility. Second, aggregate uncertain...

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Hlavní autor: Schellekens, Philip
Médium: Časopis
Jazyk:English
Vydáno: Washington, D.C. : International Monetary Fund, 2000.
Edice:IMF Working Papers; Working Paper ; No. 2000/125
On-line přístup:Full text available on IMF