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...

תיאור מלא

מידע ביבליוגרפי
מחבר ראשי: Dimova, D
פורמט: Working paper
יצא לאור: University of Oxford 2012