Multiple Equilibria in Open Economy Models with Collateral Constraints: Overborrowing Revisited
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https://www.nber.org/papers/w22264
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资源简介：
This paper establishes the existence of multiple equilibria in infinite-horizon open- economy models in which the value 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
提供机构：
美国国家经济研究局
创建时间：
2016-05-01
