Krainer, John (contributor); Spiegel, Mark (contributor); … - 2005
crash in that country in 1990.
Our working definition of asset liquidity is the equilibrium probability of sale.
This … steady state. The novel feature of our model is that
liquidity is the margin along which the debt overhang can be worked … liquidity, as pertaining to real estate markets, has
developed along two different paths. The first path of research reflects …