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Author : Julian Karl Douglas Wright
Release : 1995
Genre :
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Book Synopsis Essays on Credit Frictions, Debt Choice, and the Business Cycle by : Julian Karl Douglas Wright
Download or read book Essays on Credit Frictions, Debt Choice, and the Business Cycle written by Julian Karl Douglas Wright. This book was released on 1995. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yankun Wang
Release : 2011
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Book Synopsis Essays on Financial Frictions and Business Cycles by : Yankun Wang
Download or read book Essays on Financial Frictions and Business Cycles written by Yankun Wang. This book was released on 2011. Available in PDF, EPUB and Kindle. Book excerpt: In this dissertation I explore the relationship between the frictions in a country's financial market and its business cycle movements. It is well known that the financial market is far from perfect, and shocks originating in such market could have sizable impact on the real economy. On the other hand, evolvement in the financial market could also be a reflection of the real economy. For example, economic downturn often leads to high borrowing cost for a country in the international financial market. The essays in this dissertation present an analysis of this two-way relationship, both qualitatively and quantitatively. The first essay studies the link between country credit spreads - defined as the difference between a home country's cost of borrowing from the international credit market and the world riskless interest rate - and the domestic business cycle fluctuations. By combining both empirical and theoretical analysis, this essay shows that deteriorating credit markets are both reflections of a declining economy and a major factor that depresses economic activity. This study uses a quarterly dataset over the period 1972Q1 to 2010Q1 for South Korea. The second essay probes the importance of financial shocks in creating business cycles in the United States. It starts from a theoretical dynamic stochastic generating equilibrium model, which identifies positive financial shocks as those that drag down the corporate net worth while raising domestic output. An empirical analysis later uses this property to identify financial shocks and study their importance in creating business cycle movement for the U.S. in the past fifty years. This property is in stark contrast to technological shocks, which raise both corporate net worth and total output.
Author : Givi Melkadze
Release : 2019
Genre : Economics
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Book Synopsis Essays on Uncertainty and Credit Market Frictions by : Givi Melkadze
Download or read book Essays on Uncertainty and Credit Market Frictions written by Givi Melkadze. This book was released on 2019. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation comprises of three chapters. The first chapter studies the role of credit market frictions in transmitting time-varying aggregate uncertainty to economic activity. First, we document that changes in country-specific aggregate volatility are positively correlated with the current account dynamics but negatively correlated with investment, output and credit flows. Then we build an International Real Business Cycle model with credit market frictions that matches these empirical facts. The version of the model with no financial frictions can only account for positive correlation between volatility and current account, but implies counterfactual predictions for the other correlations. In the second chapter we analyze banking crises and lending of last resort (LOLR) in a quantitative model of financial frictions with bank defaults. We find that the LOLR, even if it induces an increase in banks' leverage, is beneficial for small open economies. We show that pools of small economies cannot be successful LOLRs for empirically reasonable levels of liquidity support: They need too many uncorrelated countries or large initial levels of reserves to be sustainable. A country with ample reserves like China can be a sustainable international LOLR. The third chapter analyzes supranational deposit insurance in a quantitative model of financial and sovereign debt crisis. We show that the common deposit insurance fund can bring about sizable economic benefits by weakening an adverse link between domestic banking sector stress and sovereign default risk. The model simulations suggest that the sustainability of such a fund requires a certain number of participating countries with strong fundamentals, while feasibility calls for risk-based insurance premiums. These results can inform the design of the common European deposit insurance fund.
Author : John Mauldin
Release : 2011-02-09
Genre : Business & Economics
Kind : eBook
Book Rating : 089/5 ( reviews)
Book Synopsis Endgame by : John Mauldin
Download or read book Endgame written by John Mauldin. This book was released on 2011-02-09. Available in PDF, EPUB and Kindle. Book excerpt: Greece isn't the only country drowning in debt. The Debt Supercycle—when the easily managed, decades-long growth of debt results in a massive sovereign debt and credit crisis—is affecting developed countries around the world, including the United States. For these countries, there are only two options, and neither is good—restructure the debt or reduce it through austerity measures. Endgame details the Debt Supercycle and the sovereign debt crisis, and shows that, while there are no good choices, the worst choice would be to ignore the deleveraging resulting from the credit crisis. The book: Reveals why the world economy is in for an extended period of sluggish growth, high unemployment, and volatile markets punctuated by persistent recessions Reviews global markets, trends in population, government policies, and currencies Around the world, countries are faced with difficult choices. Endgame provides a framework for making those choices.
Author : Maja Ferjančič
Release : 2012
Genre :
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Book Synopsis Essays on Uncertainty, Business Cycle and Search Frictions in the Credit Market by : Maja Ferjančič
Download or read book Essays on Uncertainty, Business Cycle and Search Frictions in the Credit Market written by Maja Ferjančič. This book was released on 2012. Available in PDF, EPUB and Kindle. Book excerpt:
