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...

Полное описание

Библиографические подробности
Главный автор: Dimova, D
Формат: Working paper
Опубликовано: University of Oxford 2012