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of tradable and nontradable endowments serves as collateral. In this environment, the economy displays self …-fulfilling financial crises in which pessimistic views about the value of collateral induces agents to deleverage. The paper shows that …
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of tradable and nontradable endowments serves as collateral. In this environment, the economy displays self …-fulfilling financial crises in which pessimistic views about the value of collateral induces agents to deleverage. The paper shows that …
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pecuniary externalities due to flow collateral constraints. It shows that the optimal policy calls for capital controls to be …
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pecuniary externalities due to flow collateral constraints. It shows that the optimal policy calls for capital controls to be …
Persistent link: https://www.econbiz.de/10012456196