Financial sector inefficiencies and coordination failures implication for crisis management:
This paper analyzes the implication of inefficient financial intermediation for crisis management in a country where firms are highly-indebted. The analysis is based on a model in which firms rely on bank credit to finance their working capital needs and lenders face high state verification and enfo...
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
1999
|
| Series: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
7446 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | This paper analyzes the implication of inefficient financial intermediation for crisis management in a country where firms are highly-indebted. The analysis is based on a model in which firms rely on bank credit to finance their working capital needs and lenders face high state verification and enforcement costs of loan contracts. The analysis shows that higher contract enforcement and verification costs, lower expected productivity, or higher volatility, may shift the economy to the wrong side of the debt Laffer curve, with potentially sizable employment and output losses. The main implication of this analysis for the current policy debate on crisis management is East Asia is that dept reduction, in addition to debt rescheduling, may be required as part of the process of reducing financial sector inefficiencies. |
| Physical Description: | 20, [3] S. graph. Darst. |
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| 520 | |a This paper analyzes the implication of inefficient financial intermediation for crisis management in a country where firms are highly-indebted. The analysis is based on a model in which firms rely on bank credit to finance their working capital needs and lenders face high state verification and enforcement costs of loan contracts. The analysis shows that higher contract enforcement and verification costs, lower expected productivity, or higher volatility, may shift the economy to the wrong side of the debt Laffer curve, with potentially sizable employment and output losses. The main implication of this analysis for the current policy debate on crisis management is East Asia is that dept reduction, in addition to debt rescheduling, may be required as part of the process of reducing financial sector inefficiencies. | ||
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| id | DE-604.BV013187673 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:40:32Z |
| institution | BVB |
| language | English |
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| physical | 20, [3] S. graph. Darst. |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Agénor, Pierre-Richard 1957- Verfasser (DE-588)12408009X aut Financial sector inefficiencies and coordination failures implication for crisis management Pierre-Richard Agénor ; Joshua Aizenman Cambridge, Mass. 1999 20, [3] S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 7446 This paper analyzes the implication of inefficient financial intermediation for crisis management in a country where firms are highly-indebted. The analysis is based on a model in which firms rely on bank credit to finance their working capital needs and lenders face high state verification and enforcement costs of loan contracts. The analysis shows that higher contract enforcement and verification costs, lower expected productivity, or higher volatility, may shift the economy to the wrong side of the debt Laffer curve, with potentially sizable employment and output losses. The main implication of this analysis for the current policy debate on crisis management is East Asia is that dept reduction, in addition to debt rescheduling, may be required as part of the process of reducing financial sector inefficiencies. Bank Recht Ökonometrisches Modell Bank loans Law and legislation Econometric models Banks and banking State supervision Econometric models Debt relief East Asia Econometric models Debt East Asia Econometric models Financial crises East Asia Econometric models Intermediation (Finance) East Asia Econometric models Ostasien Aizenman, Joshua 1949- Verfasser (DE-588)124080057 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 7446 (DE-604)BV002801238 7446 http://papers.nber.org/papers/w7446.pdf kostenfrei Volltext |
| spellingShingle | Agénor, Pierre-Richard 1957- Aizenman, Joshua 1949- Financial sector inefficiencies and coordination failures implication for crisis management National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Bank Recht Ökonometrisches Modell Bank loans Law and legislation Econometric models Banks and banking State supervision Econometric models Debt relief East Asia Econometric models Debt East Asia Econometric models Financial crises East Asia Econometric models Intermediation (Finance) East Asia Econometric models |
| title | Financial sector inefficiencies and coordination failures implication for crisis management |
| title_auth | Financial sector inefficiencies and coordination failures implication for crisis management |
| title_exact_search | Financial sector inefficiencies and coordination failures implication for crisis management |
| title_full | Financial sector inefficiencies and coordination failures implication for crisis management Pierre-Richard Agénor ; Joshua Aizenman |
| title_fullStr | Financial sector inefficiencies and coordination failures implication for crisis management Pierre-Richard Agénor ; Joshua Aizenman |
| title_full_unstemmed | Financial sector inefficiencies and coordination failures implication for crisis management Pierre-Richard Agénor ; Joshua Aizenman |
| title_short | Financial sector inefficiencies and coordination failures implication for crisis management |
| title_sort | financial sector inefficiencies and coordination failures implication for crisis management |
| topic | Bank Recht Ökonometrisches Modell Bank loans Law and legislation Econometric models Banks and banking State supervision Econometric models Debt relief East Asia Econometric models Debt East Asia Econometric models Financial crises East Asia Econometric models Intermediation (Finance) East Asia Econometric models |
| topic_facet | Bank Recht Ökonometrisches Modell Bank loans Law and legislation Econometric models Banks and banking State supervision Econometric models Debt relief East Asia Econometric models Debt East Asia Econometric models Financial crises East Asia Econometric models Intermediation (Finance) East Asia Econometric models Ostasien |
| url | http://papers.nber.org/papers/w7446.pdf |
| volume_link | (DE-604)BV002801238 |
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