Pecuniary externalities in economies with financial frictions

DOI10.1093/RESTUD/RDX010MaRDI QIDQ4610883zbMATH OpenOpenAlexFDO

Authors Eduardo Dávila, Anton Korinek

Publication date 23 January 2019

Published in Review of Economic Studies (Search for Journal in Brave)

Full work available at URL http://www.nber.org/papers/w22444.pdf

zbMATH Keywords

financial amplificationfire salesmacro-prudential regulationpecuniary externalitiessystemic risk

Mathematics Subject Classification ID

Special types of economic markets (including Cournot, Bertrand) (91B54) Actuarial science and mathematical finance (91G99)

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Cited in

(22)

• Financial contracting with enforcement externalities
• An experiment on the efficiency of bilateral exchange under incomplete markets
• Deterministic debt cycles in open economies with flow collateral constraints
• Bank capital, fire sales, and the social value of deposits
• Risky human capital accumulation with endogenous skill premium
• Constrained inefficiency of competitive entrepreneurship
• Inefficient Credit Booms
• Pecuniary externalities, bank overleverage, and macroeconomic fragility
• Long-term bank lending and the transfer of aggregate risk
• Cycles and self-fulfilling crises in open economies with stock collateral constraints under impatience
• Integrated monetary and financial policies for small open economies
• Are inflationary shocks regressive? A feasible set approach
• A theory of cash flow-based financing with distress resolution
• Taxing versus subsidizing debt under financial frictions
• Overborrowing, underborrowing, and macroprudential policy
• Household assets and business cycle fluctuations
• Optimal credit market policy
• Long-term debt and the efficiency of crisis-contingent policies: taming overborrowing externalities
• Portfolio choice and settlement frictions: a theory of endogenous convenience yields
• Credit rationing in unsecured debt markets
• Government trading and efficiency in imperfectly competitive financial markets
• Financial frictions, capital reallocation, and aggregate fluctuations

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