Leverage, Moral Hazard and Liquidity
收藏NBER2010-03-01 更新2025-01-04 收录
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https://www.nber.org/papers/w15837
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资源简介：
We build a model of the financial sector to explain why adverse asset shocks in good economic times lead to a sudden drying up of liquidity. Financial firms raise short-term debt in order to finance asset purchases. When asset fundamentals worsen, debt induces firms to risk-shift; this limits their
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美国国家经济研究局创建时间：
2010-03-01
