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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2005.1
- 수록면
- 103 - 130 (28page)
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This study sets out to develop a simplified risk premium model to explain output decline within the economies of Asia in the immediate aftermath of the Asian financial crisis. Firms are allowed to borrow from both domestic and foreign banks, with the firms’ debts being loosely constrained (at high levels) prior to the crisis (lending boom) but becoming tightly constrained (at low levels) on the outbreak of the crisis (lending bust). The lending rate is a function of the debt-capital ratio; thus if firms have only limited access to the credit market, then they will accumulate less capital and become small firms. Given their lower collateral, small firms face higher risk premiums which will ultimately lead to a much greater reduction in output when a credit crunch suddenly hits. Our model predicts that small firm size will accelerate unanticipated shocks; therefore, output decline will be greater in countries with small firms than in those with large firms.
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참고문헌 (16)
참고문헌 신청
/ 19892000 / Incomplete Information and Taxes in International Borrowing “International Debt and the Price of Domestic Assets : 147 ~ 61
/ 1994 / Business Cycles and the Behavior of Small Manufacturing Firms ” Quarterly Journal of Economics : 309 ~ 40
/ 1995 / Contemporary Financial Intermediation,
/ 1995 / There a Bank Lending Channel for Monetary Policy?” Federal Reserve Bank of San Francisco (FRBSF 2 : 3 ~ 20
/ 1996 / The Financial Accelerator and the Flight to Quality 78 : 1 ~ 15
/ 1994 / Business Cycles and the Behavior of Small Manufacturing Firms ” Quarterly Journal of Economics : 309 ~ 40
/ 1995 / Contemporary Financial Intermediation,
/ 1995 / There a Bank Lending Channel for Monetary Policy?” Federal Reserve Bank of San Francisco (FRBSF 2 : 3 ~ 20
/ 1996 / The Financial Accelerator and the Flight to Quality 78 : 1 ~ 15
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