Contagion and volatility with imperfect credit markets /

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Bibliographic Details
Author / Creator:Agénor, Pierre-Richard.
Imprint:[Washington, D.C.] : International Monetary Fund, Research Dept., ©1997.
Description:1 online resource (33 pages) : illustrations
Language:English
Series:IMF working paper ; WP/97/127
IMF working paper ; WP/97/127.
Subject:
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12496705
Hidden Bibliographic Details
Other authors / contributors:Aizenman, Joshua.
International Monetary Fund. Research Department.
ISBN:1283564394
9781283564397
Notes:Includes bibliographical references (pages 32-33).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
Summary:Annotation This paper interprets contagion effects as an increase in the volatility of aggregate shocks impinging on the domestic economy. the implications of this approach are analyzed in a model with two types of credit market imperfections: domestic banks borrow at a premium on world capital markets, and domestic producers (whose demand for credit results from working capital needs) borrow at a premium from domestic banks. Higher volatility of producers productivity shocks increases both domestic and foreign financial spreads and the producers cost of capital, resulting in lower employment and higher incidence of default. Welfare effects are nonlinearly related to the degree of international financial integration.
Other form:Print version: Agénor, Pierre-Richard. Contagion and volatility with imperfect credit markets. [Washington, D.C.] : International Monetary Fund, Research Dept., ©1997

MARC

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520 8 |a Annotation  |b This paper interprets contagion effects as an increase in the volatility of aggregate shocks impinging on the domestic economy. the implications of this approach are analyzed in a model with two types of credit market imperfections: domestic banks borrow at a premium on world capital markets, and domestic producers (whose demand for credit results from working capital needs) borrow at a premium from domestic banks. Higher volatility of producers productivity shocks increases both domestic and foreign financial spreads and the producers cost of capital, resulting in lower employment and higher incidence of default. Welfare effects are nonlinearly related to the degree of international financial integration. 
650 0 |a Credit  |x Econometric models. 
650 0 |a Capital market  |x Econometric models. 
650 0 |a Intermediation (Finance)  |x Econometric models. 
650 0 |a Bank loans  |x Econometric models. 
650 0 |a Interest rates  |x Econometric models. 
650 0 |a Default (Finance)  |x Econometric models. 
650 0 |a Bank deposits  |x Econometric models. 
650 0 |a Banks and banking, International  |x Econometric models. 
650 6 |a Crédit  |x Modèles économétriques. 
650 6 |a Dépôts bancaires  |x Modèles économétriques. 
650 6 |a Prêts bancaires  |x Modèles économétriques. 
650 6 |a Intermédiation financière  |x Modèles économétriques. 
650 6 |a Marché financier  |x Modèles économétriques. 
650 6 |a Banques internationales  |x Modèles économétriques. 
650 6 |a Défaillance (Finances)  |x Modèles économétriques. 
650 6 |a Taux d'intérêt  |x Modèles économétriques. 
650 7 |a Bank loans  |x Econometric models.  |2 fast  |0 (OCoLC)fst00826709 
650 7 |a Capital market  |x Econometric models.  |2 fast  |0 (OCoLC)fst00846359 
650 7 |a Credit  |x Econometric models.  |2 fast  |0 (OCoLC)fst00882527 
650 7 |a Default (Finance)  |x Econometric models.  |2 fast  |0 (OCoLC)fst00889574 
650 7 |a Interest rates  |x Econometric models.  |2 fast  |0 (OCoLC)fst00976180 
650 7 |a Intermediation (Finance)  |x Econometric models.  |2 fast  |0 (OCoLC)fst00976484 
655 4 |a Electronic books. 
700 1 |a Aizenman, Joshua. 
710 2 |a International Monetary Fund.  |b Research Department.  |0 http://id.loc.gov/authorities/names/n77001219 
776 0 8 |i Print version:  |a Agénor, Pierre-Richard.  |t Contagion and volatility with imperfect credit markets.  |d [Washington, D.C.] : International Monetary Fund, Research Dept., ©1997  |w (OCoLC)37901095 
830 0 |a IMF working paper ;  |v WP/97/127.  |0 http://id.loc.gov/authorities/names/no89010263 
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