Payment-Chain Crises

This paper introduces an endogenous network of payment chains into a business cycle model. Motivated by evidence of linked payments across firms in Costa Rica, we develop a framework where production orders form bilateral relations: some payments are executed immediately, while others---chained

本文将支付链内生网络（endogenous network of payment chains）引入经济周期模型（business cycle model）中。鉴于哥斯达黎加企业间关联支付的实证证据，我们构建了一套分析框架，其中生产订单形成双边关系：部分支付可即时完成，其余支付则为链式（chained）支付。