منابع مشابه
Credit Risk, Credit Crunch and Capital Structure
A firm partially financed by debt is considered. The firm is subject to two types of shocks: macro-shocks modeled as a finite state Markov chain, and idiosyncratic shocks. The dynamics of the latter may depend on the state of the macroeconomy; the state of the economy is determined not only by fundamentals but the market sentiment as well. The lenders are competitive and debt is rolled over unt...
متن کاملEnvironmental credit crunch
The dramatic events of recent weeks, which have seen governments mobilise huge sums of money in support of the global banking system, have got many researchers thinking about how they might be mobilised to tackle environmental problems more effectively, particularly as a recession may be an ideal opportunity to kick-start 'green' jobs. And this was the key element of last month's Green Economy ...
متن کاملCredit Crunch: Origins and Orientation
The cyclical pattern of capitalism is periodically punctuated by severe crises that lead to restructuring of the political-economic system. In this article we argue that the underlying factor of the current crisis is a real economic imbalance caused by an unprecedented growth of the nancial sector. Moreover, we argue that a return to an expansive era of capital accumulation will become impossib...
متن کاملTFP during a credit crunch
The financial crisis of 2008 was followed by sharp contractions in aggregate output and employment and an unusual increase in aggregate total factor productivity (TFP). This paper attempts to explain these facts by modeling the creation and destruction of jobs in the presence of heterogeneity in firm productivity and frictional credit and labor markets. The aggregate level of TFP is determined ...
متن کاملThe Recent Credit Crunch: The Neglected Dimensions
Kevin L. Kliesen is an economist and John A. Tatom is an assistant vice president at the Federal Reserve Bank of St. Louis. James P. Kelley provided research assistance. This article was written while Tatom was a visiting economist at the Austrian National Bank Tatom received useful comments in seminars on this paper at the Bank of the Netherlands, the Swiss National Bank and the institute of A...
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ژورنال
عنوان ژورنال: Journal of Banking & Finance
سال: 1995
ISSN: 0378-4266
DOI: 10.1016/0378-4266(94)00148-v