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...
| 1. Verfasser: | |
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| Format: | Zeitschrift |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C. :
International Monetary Fund,
2000.
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| Schriftenreihe: | IMF Working Papers; Working Paper ;
No. 2000/125 |
| Online Zugang: | Full text available on IMF |