A Dynamic General Equilibrium Framework of Investment with Financing Constraint /

In this paper, we provide a dynamic general equilibrium framework with an explicit investment-financing constraint. The constraint is intended as a reduced form to capture the balance sheet effects, which have been widely regarded as an important determinant of financial crises. We derive a link bet...

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Detalhes bibliográficos
Autor principal: Xie, Danyang
Outros Autores: Yuen, Chi-Wa
Formato: Periódico
Idioma:English
Publicado em: Washington, D.C. : International Monetary Fund, 2002.
coleção:IMF Working Papers; Working Paper ; No. 2002/041
Acesso em linha:Full text available on IMF
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520 3 |a In this paper, we provide a dynamic general equilibrium framework with an explicit investment-financing constraint. The constraint is intended as a reduced form to capture the balance sheet effects, which have been widely regarded as an important determinant of financial crises. We derive a link between the value of the firm and the social welfare and we find that the value of the firm can be greater with than without the constraint. Our model also sheds light on how the effects of productivity shocks and bubbles may be amplified by the financing constraint. 
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700 1 |a Yuen, Chi-Wa. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2002/041 
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