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|z 9781451870442
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|a Tong, Hui.
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|a Real Effects of the Subprime Mortgage Crisis :
|b Is it a Demand or a Finance Shock? /
|c Hui Tong, Shang-Jin Wei.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2008.
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|a 1 online resource (37 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a We develop a methodology to study how the subprime crisis spills over to the real economy. Does it manifest itself primarily through reducing consumer demand or through tightening liquidity constraint on non-financial firms? Since most non-financial firms have much larger cash holding than before, they appear unlikely to face significant liquidity constraint. We propose a methodology to estimate these two channels of spillovers. We first propose an index of a firm's sensitivity to consumer demand, based on its response to the 9/11 shock in 2001. We then construct a separate firm-level index on financial constraint based on Whited and Wu (2006). We find that both channels are at work, but a tightened liquidity squeeze is economically more important than a reduced consumer spending in explaining cross firm differences in stock price declines.
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|a Mode of access: Internet
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|a Wei, Shang-Jin.
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|a IMF Working Papers; Working Paper ;
|v No. 2008/186
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2008/186/001.2008.issue-186-en.xml
|z IMF e-Library
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