Verfügbarkeit: Real Effects of the Subprime Mortgage Crisis

Real Effects of the Subprime Mortgage Crisis: Is it a Demand or a Finance Shock?

We develop a methodology to study how the subprime crisis spills over to the real economy. Does it manifest itself primarily through reducing consumer demand or through tightening liquidity constraint on non-financial firms? Since most non-financial firms have much larger cash holding than before, t...

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1. Verfasser:	Tong, Hui (VerfasserIn)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	Washington, D.C International Monetary Fund 2008
Schriftenreihe:	IMF Working Papers Working Paper No. 08/186
Schlagworte:	Financial crises > Economic aspects Liquidity (Economics) Subprime mortgage loans > Economic aspects > United States Electronic books
Online-Zugang:	UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext
Zusammenfassung:	We develop a methodology to study how the subprime crisis spills over to the real economy. Does it manifest itself primarily through reducing consumer demand or through tightening liquidity constraint on non-financial firms? Since most non-financial firms have much larger cash holding than before, they appear unlikely to face significant liquidity constraint. We propose a methodology to estimate these two channels of spillovers. We first propose an index of a firm''s sensitivity to consumer demand, based on its response to the 9/11 shock in 2001. We then construct a separate firm-level index on financial constraint based on Whited and Wu (2006). We find that both channels are at work, but a tightened liquidity squeeze is economically more important than a reduced consumer spending in explaining cross firm differences in stock price declines
Beschreibung:	Includes bibliographical references
Beschreibung:	1 Online-Ressource (37 p)
ISBN:	1451870442 9781451870442

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spelling	Tong, Hui Verfasser aut Real Effects of the Subprime Mortgage Crisis Is it a Demand or a Finance Shock? Tong, Hui Washington, D.C International Monetary Fund 2008 1 Online-Ressource (37 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 08/186 Includes bibliographical references We develop a methodology to study how the subprime crisis spills over to the real economy. Does it manifest itself primarily through reducing consumer demand or through tightening liquidity constraint on non-financial firms? Since most non-financial firms have much larger cash holding than before, they appear unlikely to face significant liquidity constraint. We propose a methodology to estimate these two channels of spillovers. We first propose an index of a firm''s sensitivity to consumer demand, based on its response to the 9/11 shock in 2001. We then construct a separate firm-level index on financial constraint based on Whited and Wu (2006). We find that both channels are at work, but a tightened liquidity squeeze is economically more important than a reduced consumer spending in explaining cross firm differences in stock price declines Online-Ausg Financial crises Economic aspects Liquidity (Economics) Subprime mortgage loans Economic aspects United States Electronic books Wei, Shang-Jin Sonstige oth http://elibrary.imf.org/view/IMF001/09429-9781451870442/09429-9781451870442/09429-9781451870442.xml Verlag URL des Erstveröffentlichers Volltext
spellingShingle	Tong, Hui Real Effects of the Subprime Mortgage Crisis Is it a Demand or a Finance Shock? Financial crises Economic aspects Liquidity (Economics) Subprime mortgage loans Economic aspects United States
title	Real Effects of the Subprime Mortgage Crisis Is it a Demand or a Finance Shock?
title_auth	Real Effects of the Subprime Mortgage Crisis Is it a Demand or a Finance Shock?
title_exact_search	Real Effects of the Subprime Mortgage Crisis Is it a Demand or a Finance Shock?
title_exact_search_txtP	Real Effects of the Subprime Mortgage Crisis Is it a Demand or a Finance Shock?
title_full	Real Effects of the Subprime Mortgage Crisis Is it a Demand or a Finance Shock? Tong, Hui
title_fullStr	Real Effects of the Subprime Mortgage Crisis Is it a Demand or a Finance Shock? Tong, Hui
title_full_unstemmed	Real Effects of the Subprime Mortgage Crisis Is it a Demand or a Finance Shock? Tong, Hui
title_short	Real Effects of the Subprime Mortgage Crisis
title_sort	real effects of the subprime mortgage crisis is it a demand or a finance shock
title_sub	Is it a Demand or a Finance Shock?
topic	Financial crises Economic aspects Liquidity (Economics) Subprime mortgage loans Economic aspects United States
topic_facet	Financial crises Economic aspects Liquidity (Economics) Subprime mortgage loans Economic aspects United States
url	http://elibrary.imf.org/view/IMF001/09429-9781451870442/09429-9781451870442/09429-9781451870442.xml
work_keys_str_mv	AT tonghui realeffectsofthesubprimemortgagecrisisisitademandorafinanceshock AT weishangjin realeffectsofthesubprimemortgagecrisisisitademandorafinanceshock

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