Foreseen Risks
收藏NBER2018-11-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w25277
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资源简介：
Large crises tend to follow rapid credit expansions. Causality, however, is far from obvious. We show how this pattern arises naturally when financial intermediaries optimally exploit economic rents that drive their franchise value. As this franchise value fluctuates over the business cycle, so too
提供机构：
美国国家经济研究局
创建时间：
2018-11-01
