| Record ID | marc_loc_2016/BooksAll.2016.part38.utf8:107450687:2218 |
| Source | Library of Congress |
| Download Link | /show-records/marc_loc_2016/BooksAll.2016.part38.utf8:107450687:2218?format=raw |
LEADER: 02218cam a22002897a 4500
001 2010655921
003 DLC
005 20100616154203.0
007 cr |||||||||||
008 100615s2010 mau sb 000 0 eng
010 $a 2010655921
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aBebchuk, Lucian A.
245 10 $aSelf-fulfilling credit market freezes$h[electronic resource] /$cLucian A. Bebchuk, Itay Goldstein.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2010.
490 1 $aNBER working paper series ;$vworking paper 16031
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 6/15/2010.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"This paper develops a model of a self-fulfilling credit market freeze and uses it to study alternative governmental responses to such a crisis. We study an economy in which operating firms are interdependent, with their success depending on the ability of other operating firms to obtain financing. In such an economy, an inefficient credit market freeze may arise in which banks abstain from lending to operating firms with good projects because of their self-fulfilling expectations that other banks will not be making such loans. Our model enables us to study the effectiveness of alternative measures for getting an economy out of an inefficient credit market freeze. In particular, we study the effectiveness of interest rate cuts, infusion of capital into banks, direct lending to operating firms by the government, and the provision of government capital or guarantees to finance or encourage privately managed lending. Our analysis provides a framework for analyzing and evaluating the standard and nonstandard instruments used by authorities during the financial crisis of 2008-2009"--National Bureau of Economic Research web site.
700 1 $aGoldstein, Itay.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 16031.
856 40 $uhttp://www.nber.org/papers/w16031