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In: IMF Working Paper No. 13/65
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In: IMF Working Papers
This paper studies overborrowing, financial crises and macro-prudential policy in an equilibrium model of business cycles and asset prices with collateral constraints. Agents in a decentralized competitive equilibrium do not internalize the negative effects of asset fire-sales on the value of other agents' assets and hence they borrow too much"" ex ante, compared with a constrained social planner who internalizes these effects. Average debt and leverage ratios are slightly larger in the competitive equilibrium, but the incidence and magnitude of financial crises are much larger. Excess asset r
In: IMF Working Papers, S. 1-53
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In: CAB Calling, January-June 2021, Volume 44 Issue 1&2/2021, pp 1-10. College of Agricultural Banking, Pune. https://cab.rbi.org.in
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In: Emerging markets, finance and trade: EMFT, Band 52, Heft 8, S. 1797-1812
ISSN: 1558-0938
In: Banque de France Working Paper No. 609
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Working paper
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Working paper
In: GFJ-D-23-00331
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In: ECB Working Paper No. 2021/2565
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In: IMF Working Paper No. 12/181
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In: ECB Working Paper No. 20202498
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Working paper
In: NBER Working Paper No. w18036
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In: Baffi Center Research Paper No. 2014-153
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Working paper
In: Globalization and Monetary Policy Institute Working Paper No. 358
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Working paper