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...

Полное описание

Библиографические подробности
Главный автор: Schellekens, Philip
Формат: Журнал
Язык:English
Опубликовано: Washington, D.C. : International Monetary Fund, 2000.
Серии:IMF Working Papers; Working Paper ; No. 2000/125
Online-ссылка:Full text available on IMF