Leverage, Moral Hazard and Liquidity
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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
