The role of consumer leverage in generating financial crises

Consumer leverage can generate financial crises characterized by increased bankruptcy, tightened credit access and reduced demand for goods. This paper embeds financial frictions in the mortgage contracts of homeowners within a two-sector economy to show that even at moderate initial levels, househ...

詳細記述

書誌詳細
第一著者: Dimova, D
フォーマット: Working paper
出版事項: University of Oxford 2012

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